Agribusiness is significant to the economy because it helps diversify the economy from over-dependence on crude oil and produces food and fibre for the vast population. It also creates employment in rural areas and generates revenue for farmers.

There are a few angel investors and venture capitalists who are interested in food businesses in Nigeria. Some of these investors are:

1. Bill and Melinda Gates Foundation - This is a non-profit organization founded by Bill and Melinda Gates. The organization awards grants to alleviate poverty, diseases and social inequalities around the world. One of their programmes is termed " African fertilizer and Agribusiness partnership". It is aimed at providing the needed resource to smallholder farmers in the sub-Saharan Africa region. The total funding available is 2 million US dollars, and the duration to access the funding ranges from November 2022 - November 2023. Read more on that here. https ://www.gatesfoundation.org/about/committed-grants/2022/11/inv-047418

2. Nigeria Export Promotional Council (NEPC) - NEPC is an agency of the Nigerian federal government charged with the responsibility of promoting non-oil exports, especially agricultural exports, in a bid to diversify the Nigerian economy away from crude oil. This agency established a project to promote agricultural exports known as the " Export Expansion Grant" (EEG). EEG is an incentive designed to support regular exporters with a high volume of exports. All exporters with a minimum export turnover of 5 million naira are eligible. The benefit to exporters is that they can get between 5% to 15% of their annual export value in cash from the federal government. Learn more about that. https://nepc.gov.ng/blog/export-incentive/export-expansion-grant/

3. United Bank For Africa (UBA) - UBA is a multinational pan-African financial institution that provides commercial, corporate and retail banking services to over 27 million of its clients across Africa. They partner with the Nigerian federal government to establish a Small and Medium Enterprises (SME) finding project tagged "Agriculture small and medium enterprises investment" (AGSMEIS). The AGSMEIS project provides low-interest loans of up to 10 million naira to farmers. The loan tenor spans 7 years at an interest rate of 5% per annum. This loan is accessible to all agribusinesses who are duly registered with the relevant authorities.

4. Union Bank - Union Bank is one of Nigeria's oldest commercial banks, they provide corporate and commercial banking services to their clients. Recently, this financial institution partnered with the Agriculture and Trade Investment Fund to secure a sum of 25 million dollars to fund local agri-businesses. The funds are designed to provide debt financing to small and medium agribusinesses to boost the production of agricultural products and improve food security. Get further information about that here. https://www.aatif.lu/news-detail/union-bank-of-nigeria-and-aatif-announce-usd-25m-funding-line-to-expand-the-bank-s-agri-business-footprint.html

5. Stanbic Bank - The Stanbic Bank Agribusiness Finance project presents multiple opportunities for farmers and traders to expand their businesses. Some of the finance options available are:

Overdrafts - Farmers can apply for bank overdrafts to secure capital and finance their business, the money is credited to a current account and the farmer pays interest only on the funds withdrawn from the account.

Asset finance - This involves the provision of modern farming implements and equipment to farmers at low interest.

Revolving credit plan - This is a loan type that allows the farmer to take extra loans before full payment of the initial loan. The loan tenure is between 2-5 years.

Production plan - This allows farmers to acquire modernized farm machinery to expand their production rate. The loan tenure spans from 6 months to 2 years.

Medium-term finance - This allows farmers to purchase livestock. Only farmers with proven profitability track records are eligible. The maximum loan tenure is 10 years.

To qualify for assistance from any of the investors listed above, you need a solid business plan. Here's how to build one

https://smartsmssolutions.com/blog/122-sms-marketing/sales-and-marketing/1524-how-to-write-an-effective-business-plan

Business owners should readily utilize these opportunities to boost their production and sales. It is important to keep a good track record to access similar opportunities in the future.

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