From Fred Ezeh, Abuja
The European Union (EU) Delegation to Nigeria and ECOWAS has launched the EU-Nigeria Agribusiness Platform, aimed at increasing private investments in the country’s agribusiness sector.
EU said the platform which was launched at the sidelines of the 9th EU – Nigerian Business Forum, held in Abuja, is expected to contribute to the reduction of food insecurity and poverty as well as the attainment of sustainable economic development in Nigeria.
It further explained that the agribusiness platform is a digital agricultural platform that provides digital marketing, trading or investment space for commercial and/or transactional activities, interactions, communications, integrations and cooperation in the agri-food system and agro-industry between Nigerian and European SMEs
Deputy Director General, Directorate of International Partnerships (INTPA), European Commission, Myriam Ferran, in her remarks, said the idea for an agribusiness platform stems from the commitments of the November 2020 EU-Nigeria Ministerial Dialogue.
“In consultation with the government of Nigeria, it was decided to launch an EU-Nigeria Agri-business Platform as a structured dialogue between Nigerian and EU farming and agri-food communities, agricultural and agro-industrial sectors to promote trade and attract responsible investment, and to foster business linkages, particularly for SMEs,” she said.
Similarly, the EU and European Business Chamber (Eurocham) Nigeria, have signed €300,000 grant agreement to support further activities and development of the Chamber in Nigeria, which underscored the EU’s commitment to fostering strong economic and commercial ties with Nigeria.
Ms Myriam Ferran, and Eurocham’s Vice-President, Mr. Frederik Klinke, signed the grant agreement on behalf of the two parties during the 9th EU – Nigerian Business Forum, in Abuja.
They said the grant was designed to enhance Eurocham’s capacity to serve its members better, promote European business interests in Nigeria, and contribute to the overall mutual economic growth and development.
Ms Myriam Ferran, underlined the importance of the partnership, emphasising the EU’s commitment to supporting initiatives that drive economic growth and strengthen the ties between EU and Nigeria in line with the Global Gateway Strategy.
In a related development, the Dutch Entrepreneurial Development bank FMO and Nigeria’s First City Monument Bank (FCMB) also signed a $25 million NASIRA guarantee agreement that will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks.
NASIRA is one of FMO’s programmes that encourages local banks to extend their funding to small entrepreneurs without collateral, and it’s funded by the European Commission.
Ms Myriam Ferran, in her remarks, said “We are very happy to see that EU investment instruments, such as the European Fund for Sustainable Development (EFSD+) guarantees have come to Nigeria to play a catalytic role in leveraging private sector investments for the benefit of the real sector, economic diversification and employment creation, especially for youth and women.”
She said the transaction also contain a technical assistance program. “Through the initiative, FCMB and FMO will select and support 15 scalable early-stage agri-tech businesses in Nigeria. They will also identify 15 disruptive business models that address pressing problems in the agricultural sector, contributing to SDG2: zero hunger and food security.”
