February 23, 2018

U.S injects $2bn into SME development in Nigeria

U.S injects $2bn into SME development in Nigeria

Mr Sam Ohuabunwa, the National President, Nigerian-American Chamber of Commerce, has said that the U.S. government had invested two billion dollars in Nigerian agricultural sector.

Ohuabunwa disclosed this in an interview on Wednesday. He said that the U.S. government was also interested in developing Small and Medium Enterprises (SMEs) in Nigeria.

The Chamber President said that the U.S. was interested in the development of the agricultural sector and SMEs because of their importance to economic recovery and manufacturing.

U.S injects $2bn into SME development in Nigeria

U.S injects $2bn into SME development in Nigeria

“The investments are made available to support these two areas because all over the world small and medium enterprises hold the economy. “Agriculture and agro-processing, power, security issues, as well as other human development areas, such as health and education are focus policy arenas of the American government for Nigeria,“ he said.

According to Ohuabunwa, the two billion dollar grant is also being provided to promote wider use of solar and green energy by SMEs. “Electricity is a major issue in Nigeria.

Many businesses have folded up owing to inadequate electricity supply. “The U.S. wants to encourage the development of power generating capacities in rural areas,” he said.

Ohuabunwa said that the U.S. Export and Import Bank was also making funds available to prospective Nigerian agro-allied entrepreneurs who might want to make use of U.S. technology.

He said that the U.S. government was working with civil society groups and some Nigerian commercial banks to ensure that the grants were properly disbursed. “We will collaborate with non-governmental organisations, government agencies, some commercial banks and with our Bank of Industry to allocate the grants to legitimate SMEs, “ he said…..READ MORE

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