To also develop SMEs and power in rural areas

The United States has invested $2 billion (about N320 billion) in the Nigerian agricultural sector.

Sam Ohuabunwa, the National President of the Nigerian-American Chamber of Commerce, revealed this on Wednesday; adding that the U.S. is also interested in developing Small and Medium Enterprises (SMEs) in Nigeria.

“The investments are made available to support these two areas because, all over the world, small and medium enterprises hold the economy,? he said.

According to him, the United States would focus on areas such as agriculture, power, security, as well as other human development areas, in its assistance to Nigeria.

?Electricity is a major issue in Nigeria,” he said. “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.”

Ohuabunwa said that the U.S. Export and Import Bank is 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 is working with civil society groups and some Nigerian commercial banks to ensure that the grants are 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; adding that the SMEs must be properly registered to qualify.

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