The Alliance for a Green Revolution in Africa (AGRA) has reaffirmed its commitment to improving access to finance and business development support for young agricultural entrepreneurs in Nigeria to promote agribusiness growth and job creation.
Speaking during the Youth Agribusiness Innovation Contest held in Abuja, Programme Officer at AGRA, Godswill Aguyi, said young agricultural entrepreneurs face significant challenges in accessing finance compared to operators in other sectors, despite having viable business ideas.
Aguyi noted that while businesses involved in importation often have easier access to loans from banks and microfinance institutions, young people in agriculture struggle to secure the funding required to improve their businesses and expand their operations.
He said the challenges informed the implementation of the Business Development Services (BDS) Ecosystem Project, being carried out in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Lagos Business School (LBS).
According to him, the two-year initiative is designed to strengthen the capacity of business development service providers and improve access to finance for agricultural micro, small and medium enterprises (MSMEs) in Nigeria.
He explained that beyond supporting the growth of agricultural businesses, the project also seeks to strengthen the business support systems that enable young entrepreneurs to overcome structural barriers, build sustainable enterprises and expand their operations.
The Youth Agribusiness Innovation Contest provides a platform to identify innovative business ideas among young Nigerians and connect entrepreneurs with financing opportunities and other forms of support needed to translate their ideas into viable businesses.
Stakeholders at the event stressed the need for increased investment in young agripreneurs, noting that improved access to finance and business development services would encourage more young Nigerians to embrace agriculture, stimulate economic activities and create employment opportunities.
