Quarterly Progress Report: FEED THE FUTURE NIGERIA AGRIBUSINESS INVESTMENT ACTIVITY

The activity aims to improve the agribusiness enabling environment, broaden access to finance, facilitate investment for agribusinesses, and enhance the performance of agribusiness micro, small, and medium enterprises (MSMEs). The activity is funded by the United States Agency for International Development (USAID) and is scheduled to conclude in December 2023. The activity is focused on four components: Improve the Agribusiness Enabling Environment, Broaden Access to Finance, Facilitate Investment for Agribusinesses, and Enhance Agribusiness MSMEs Performance. Component 1 aims to improve the agribusiness enabling environment by addressing regulatory and policy barriers, while Component 2 focuses on broadening access to finance for agribusinesses through the development of financial products and services. Component 3 facilitates investment for agribusinesses by providing technical assistance and capacity building, while Component 4 enhances the performance of agribusiness MSMEs through business development services and market linkages. The activity has made significant progress in the first quarter of FY 2023. In Component 1, the activity has supported the development of a new policy framework for agribusiness in Nigeria, which aims to improve the business environment for agribusinesses. In Component 2, the activity has facilitated the development of a new financial product for agribusinesses, which has been launched by a leading commercial bank in Nigeria. In Component 3, the activity has provided technical assistance to several agribusinesses, resulting in increased investment and job creation. In Component 4, the activity has provided business development services to over 500 agribusiness MSMEs, resulting in improved productivity and profitability. The activity has also made progress in integrating cross-cutting themes, including promoting the engagement of women and youth, environmental compliance, and public-private partnerships. The activity has established a community of practice for women and youth in agribusiness, which aims to provide a platform for them to share knowledge and best practices. The activity has also developed a comprehensive environmental compliance plan, which aims to ensure that all agribusinesses supported by the activity adhere to environmental standards. Despite the progress made, the activity has faced several challenges, including regulatory barriers, limited access to finance, and inadequate capacity building for agribusinesses. The activity has learned several lessons, including the need to engage with regulatory agencies to address policy barriers, the importance of developing financial products and services that meet the needs of agribusinesses, and the need to provide ongoing capacity building for agribusinesses. The activity plans to continue its efforts in the next quarter, focusing on the implementation of the new policy framework for agribusiness, the launch of new financial products and services, and the provision of technical assistance and capacity building to agribusinesses. The activity also plans to continue its efforts in integrating cross-cutting themes, including promoting the engagement of women and youth, environmental compliance, and public-private partnerships.