As part of its strategy to deepen the activities in the riverine communities through financial inclusion and access to finance, PIND in collaboration with Sombreiro Kapital expanded its access to finance activities to the GMOU communities in Delta and Ondo States. Within the quarter, 15 fish processors who were screened and recommended to Sterling Bank by Sombreiro Kapital last quarter, accessed loans worth N3 million at an average of N200,000 per processor. The funds were given to improve the processors’ working capital and for technology upgrade.

Furthermore, Sombreiro Kapital collaborated with input dealers and Sterling Bank to provide opportunities for more farmers to access loans. Subsequently, 224 of the 1307 farmers reached were profiled and by the end of the quarter, a total of 88 fish farmers out of the 224 presented got loans worth N27.1 million in Delta and Ondo States.

The chorkor oven and smoking kiln technologies were introduced by PIND as part of the effort to improve the efficiency of fish processors in the Niger Delta region. To sustainably promote the adoption of the technologies, PIND built the capacity of masons and fabricators to enable them to produce and market them commercially. PIND also worked with the masons and other service providers to carry out demonstrations to stimulate the adoption of the technologies, particularly in the coastal (GMOU) and riverine communities.

This quarter, PIND continued to provide support to the Service Providers, masons, and fabricators (whose capacities have been built) to drive the uptake of chorkor ovens and smoking kiln technology to improve the efficiency of fish processors in the Niger Delta region. Three promotional activities using the smoking kiln and chorkor oven were carried out by four service providers in Rivers, Bayelsa, and Cross River States, reaching 184 processors. As a result of these activities, and those carried out in the previous quarter, a total of 17 smoking technology (12 smoking kilns and 5 chorkor ovens) were purchased in Rivers (10), Delta (2), Cross River (4), and Imo (1). Similarly, two service providers, organized demonstrational activities to promote the chorkor oven in three GMOU communities in Delta (Bateren and Usor) and Ondo States (Awoye), reaching 153 fish processors. This resulted in the purchase of 10 smoking technology in the communities, making a total of 36 Chorkors purchased/adopted in GMOU communities in 2021 so far. Overall, the total number of technologies purchased/adopted- Chokor and Kilns so far in 2021 is 82 (27 in Q3) against the target of 150 for the year. The low rate of adoption is due to the increase in the cost of the technology brought about by the high inflation rate and the naira devaluation.

In the previous quarter, PIND carried out a scoping study in four GMOU communities (Tsekelewu, Opuama, Awoye, and Ogidigben) to identify opportunities to improve livelihood of individuals in the GMOU communities. Following the study, an intervention was designed to increase the productivity of fisherfolks in the target communities through the adoption of improved practices and technologies.

This quarter, PIND engaged Yamaha, a producer of outboard engines for fishing, and the Nigeria Institute for Oceanography and Marine Research (NIOMR) as potential partners for implementing the identified interventions in the GMOU areas. PIND also identified interested service providers who are willing to expand their service provision to these communities. In subsequent quarters, PIND will finalize the engagement of technical partners and onboard new service providers to drive pilot intervention activities in the target communities in the GMOU areas. PIND will also facilitate capacity-building training programs for identified service providers and fisherfolk groups/associations.

The use of quality fish seeds/fingerlings is one of the major contributors to good yield and improved productivity of farmers in the aquaculture sector. In 2019, PIND Collaborated with FISON, to develop quality broodstock banks for catfish with selected hatcheries in the region. PIND also identified and partnered with six private hatchery operators from Delta, Ondo, and Rivers States to raise broodstock banks from the pure lines produced by FISON. In 2020, the hatchery operators commenced the production of fish seeds from the broodstock, and over 515,000 fish seeds were produced by them.

This quarter, PIND continued to work with the selected hatchery operators to promote quality fish seeds to farmers in the region. This quarter, 420,000 fish seeds were produced from the broodstock by five of the hatchery operators compared to 300,000 targeted for the quarter, resulting in sales of N9.6 million at an average sale of N25 per seed. 154 farmers purchased these improved fish seeds.
PIND’s partnership with the USAID Feed the future Ag-Extension activity in Delta and Cross River State is also complementing the promotion and use of quality fish seeds by farmers in the states. 4 cohorts comprising of over 40 hatchery operators were formed and trained on hatchery management and business development. These hatcheries are beginning to adopt and promote the adoption of quality fish seeds to farmers.

As farmers adopt the improved practices from the various demonstrations and training programs, they are expected to experience a better feed conversion ratio and reduced mortality leading to improved productivity and income. In 2020, PIND developed a framework for tracking and projecting the impact of the intervention activities on the farmers using multipliers obtained from previous impact assessments, complemented with outcomes data from field monitoring visits.

Due to the market dynamics and macro-economic impact of COVID-19 on the 2020 results, an outcome monitoring exercise was carried out this quarter to re-evaluate the parameters applied in estimating the impact of the interventions.

Of a total of 2,561 fish farmers reached so far in 2021 (January to September) study findings showed that 1,470 of the farmers experienced an increase in income. These 1,470 had a Net additional income of N1,076,160,333, at an average of N731,989/farmer. This income was estimated for production on 3 ponds for one cycle carried out within the year.

Similarly, of the 1,113 processors reached, 82 adopted smoking technologies- chorkor ovens (55) and smoking kilns (27).
The additional income earned by the 55 processors adopting the chorkor ovens so far in 2021 is estimated to be N5,744,2599. Also, a total of N11,295,36210 was earned by the 27 processors who adopted the Kiln so far in 2021.

The total value of Net Additional Income earned by adopting farmers and processors is N1,093,199,955 so far in 2021, against a target of N1,039,706,390 for the year. Similarly, the total number of farmers and processors with increased income in 2021 so far is 1,552, compared to a target 2,500 for the year.

As farmers adopt improved practices and expand production, they engage more labor to carry out various pond management activities such as pond preparation, stocking, sorting, and harvesting of the ponds. It was estimated that about 782 new Full-Time Equivalent (FTE) jobs were created by the 2,023 farmers who adopted improved practices in 2021. Similarly, it was estimated that the 82 fish processors who adopted the chorkor oven and smoking kiln technology employed 143 labor to support the operation of the technologies. This makes a total of 925 jobs facilitated so far by the project in 2021, against a target of 850 for the year.

As market actors see the benefits derived from various economic activities in the sector, they make investments to maximize such opportunities. This enables them to expand their business and increase their income, PIND’s analysis showed that the 2,023 farmers who adopted improved practices between Q1 to Q3 invested an average of N1,023,238, per farmer at N341,079/pond for the three ponds stocked.

This makes the equity invested by the farmers during the period, N2,070,206,176. The increased investment was mainly due to the 34% increase in the cost of fish feed when compared to 202011. The outcome monitoring found that the spend was mostly for the purchase of improved feeds, nets, fish seeds and conditioning of the level of water pH.

Access to information about improved agronomic practices and quality inputs enable cassava farmers to improve their productivity and income. Private service providers continue to bridge the gap created by limited government extension services, by the providing this information directly to farmers through training and demonstrations embedded in the sale of agro-inputs; thereby ensuring that farmers can immediately implement these practices in their farms.

In Q3, following the major planting season last quarter, PIND supported its partners to strengthen their relationships and linkages with farmers, to guarantee continuous access to quality inputs such as stems, fertilizer, and Crop Protective products (CPPs) required for production. Expectedly, fewer field activities and farmer outreaches were achieved this quarter as the major planting season gradually wore off. Nevertheless, a total of 1,342 (647 females) cassava farmers, directly, across the region, while an additional 1,086 (660 Females) farmers were reached via CSEs, making the total farmer outreach for Q3, 2,428 (1,307 females) against this quarter’s direct outreach target of 4,000. The total outreach so far in 2021 is 12,320 surpassing the years’ direct farmer outreach target of 11,000. See annex 1 for details.

The results from the outcome monitoring exercise confirm a 1:1 copying ratio for farmers. This result was further discounted by 20% to account for overlaps, thus bringing the total copiers as of Q3,2021 to 9,265. These copiers are the indirect outreach and form part of the sector’s outreach for the year. Consequently, the overall outreach for the year as of Q3 2021 is 21,585 against the years’ target of 19,800.

PIND is partnering with the BASICS II, funded by the Bill and Melinda Gates Foundation, and the International Institute for Tropical Agriculture (IITA), as well as the National Root Crops Research Institute (NRCRI) to implement interventions to increase access to improved Cassava stem varieties that are high-yielding and disease-resistant in the Niger Delta, through the Cassava Seed Entrepreneurship (CSE) program, formerly called Village Seed Entrepreneurship (VSE) program.

The program aims to establish a commercial seed system in the region. PIND believes this model implemented with CSEs is sustainable because the CSEs are found across the various Cassava farming clusters in the region and are encouraged to establish stem multiplication plots with which they train farmers within their clusters and from which they hope to sell quality cassava stems at maturity.

This quarter (Q3), many of the CSEs trained in Q2 established multiplication plots using foundation stems procured from NRCRI and other CSEs and organizing step-down trainings for farmers within their communities.

Also, in Q3 the project management unit of BASICS II visited PIND the quarter for a joint review of the ongoing collaboration between PIND and BASICS II. Both organizations expressed satisfaction with the collaboration and results so far and encouraged both work teams to continue joint activities. The BASICS II team also presented a proposal for collaboration with PIND to host a National Cassava Summit, similar to the one supported by PIND in 2016. PIND leadership confirmed PINDs interest to collaborate to host the National Summit, which is focused on stimulating the power of Private Sector-Led Cassava Seed Development in Nigeria. The summit is scheduled to hold in Abuja in Q4.

94% (11,581) of the 12,320 farmers trained, applied these improved practices on their farms. Although these direct farmers are expected to experience increased yields at harvest next year, the outcome monitoring exercise collected metrics with which to estimate income increases for adopting farmers, thus the projected net attributable income for these farmers is N2,573,752,285, at an average of N224,488 per farmer.

It was found that the adopting farmers engaged labor to implement improved practices such proper spacing, application of fertilizers etc. On average, each adopting farmer created 0.07 FTE jobs, and as such the 11,581 direct adopting farmers in 2021, had enabled the creation of 762 net additional FTE jobs. Similarly, the 9,265 indirect farmers, who copied improved practices in their farms, created 609 FTE jobs. In summary, as at Q3 2021, the net attributable job estimated for cassava farmers was 1,371, compared to the annual target of 707 jobs.

The adoption of improved practices comes with additional production costs for farmers. The cost of adopting the innovations introduced by PIND was also verified during the monitoring exercise, revealing average additional production costs of N26,987.07 per hectare, for each direct farmer. Thus, the estimated equity spend for farmers adopting improved practices with average farm size of 0.95 ha, is N25,739 per farmer. Therefore, the projected cost of production for 11,581 direct farmers in 2021 is N298,077,297, while the additional cost of production for the 9,265 indirect farmers’, is N238,461,837.The total additional equity spend on improved practices by farmers so far in 2021, is projected to be N536,539,134 as at Q3, compared to the annual target of N1.32 billion, which is 41% of the annual target.

The promotion of Good Agricultural Practices (GAP) was introduced by PIND in 2019 as a strategy to improve farmers’ access to information, quality inputs, and technologies necessary to increase their yield and productivity. In Q3 2021, PIND worked with five farm service providers to organize demonstration activities, train and provide farm services to farmers on good agricultural practices. The project partnered with three off-takers (companies) to provide quality improvement training and agro-input support to farmers. Also, PIND supported three trained nursery operators to undertake awareness campaigns on the benefits of planting quality seeds. These led to PIND reaching an additional 2,67813 (674 females) farmers in Q3, out of a target of 4,000 farmers set for the period making the total outreach for 2021, 8,820; which is 74% of the targeted outreach of 12,000 for the year. 

70% (6,187) of the 8,820 reached directly, adopted the improved practices/technologies on their farms. These 6,187 farmers earned net attributable income increases of N1,444,462,017, at an average of N233,459 per farmer.
The 6,187 farmers with increased additional income represent a 74% performance of the 8,400-target for 2021. Also, the N1,444,462,017 net additional income is 90% of the N1,600,000,000 target for the year.

As farmers see benefits in terms of increased yield and income from adopting the improved practices, they continue to invest in the products and technologies promoted by the partner market actors. PIND has been working with agro-input suppliers, service providers, and agro-technology and equipment dealers to introduce and promote appropriate productivity improvement technologies (such as mechanical pruners, motorized sprayers and brush cutters) and quality enhancement technologies (fermentation boxes, and Pelle bongo) to farmers.

In Q3, PIND leveraged new investments worth N870,000 from three service providers who invested in the purchase of spraying and pod-breaking technologies, promoted by partner equipment dealers. The N870,000 invested by farmers in Q3, along with N2,400,000 leveraged in Q1+Q2 make the total amount leveraged so far in 2021 by market actors, N3,270,000. Also, in Q3, each adopting farmer invested an average of N83,666 in their farms. This gives a total of N517,660,185 worth of investments made by the 6,187 farmers who adopted improved practices and technologies from Q1 to Q3, 2021. Cumulatively the total equity investment leveraged by the sector is N520,930,185 in 2021. This is 71.4% of the N730,000,000 target for 2021.

As farmers adopt improved practices and technologies and expand production, they engage more labor to carry out various improved farm management activities. The average additional job created by each adopting farmer is 0.12 FTE.
As such the 6,187 farmers who adopted improved farm practices, created a total of 714 new FTE jobs between Q1-Q3, 2021. This is 66% of the 1,090 target for 2021.

PIND’s cocoa value chain study (2018) revealed that about 90% of cocoa beans harvested in the Niger Delta are from older trees with low-yielding potential. Also, over 70% of farmers who are planting new trees either plant old seed varieties with low-yielding capacity or take cocoa seeds from their old farms and nursed them as seedlings for planting.

For farmers interested in planting new varieties with high-yielding potential, accessing these varieties was a big challenge due to limited information and unavailability. Ultimately, this resulted in the low yield (between 350 to 420 kg per hectare) and productivity experienced by farmers in the Niger Delta compared to about 1,000kg obtainable in neighboring countries like Ghana and Cote d’Ivoire. To address this, PIND designed the access to quality (high-yielding) seedlings intervention as a strategy to improve access to improved seedlings for cocoa farmers. The intervention aims to strengthen the relationship between entrepreneurial nursery operators and seed producers as a mechanism to increase the distribution network for improved seeds in the Niger Delta.

This quarter (Q3), PIND partnered with CRIN to carry out the first set of training for 31 entrepreneur nursery operators from Ondo, Edo, Abia, and Cross River states. The training program aimed to improve the technical knowledge and skills of the nursery operators on seed handling and nursery management, as well as provide an opportunity for CRIN to interact with the nursery operators towards expanding their distribution network. Following the training, the nursery operators commenced promotional/awareness campaigns on quality seed. Specifically, three nursery operators organized access to quality seed awareness campaigns to improve farmers’ knowledge on the availability and benefits of planting quality seeds. In subsequent quarters, PIND will further support the entrepreneurial nursery operators to carry out more awareness and sensitization programs, access the TC 1-8 series from CRIN, raise these seedlings in their nursery, and supply to farmers commercially and sustainably.

During the quarter, PIND held meetings with the Oil Palm Grower’s Association of Nigeria (OPGAN), an oil palm business membership organization that works across the Niger Delta to agree on a strategy to deepen the BMP intervention in the region and expand outreach activities to farmers. The partnership activities commenced with an Organizational Capacity Assessment (OCA) in Akwa Ibom state. This was to support the team to identify improvement areas within management systems, and to reinforce healthy organizational practices. After the training, an action plan was developed to identify areas of high priority. One key area in the action plan was for PIND to onboard new Farm Service Providers and support the training of farmers. In August, PIND and OPGAN identified four champion farm service providers who were onboarded to provide services to farmers in Akwa Ibom state.

In Q3 2021, 7,328 compared to the Q3 target of 6,814 farmers; and cumulatively 12,819 farmers reached (92%) compared to the annual target of 14,000.

Income and jobs for the palm oil sector as at Q3, were estimated under for three intervention areas – improved productivity of farmers through adoption of best management practices; increased harvest of fresh fruit bunches through adoption of improved harvesting tools; and increased volume of oil through adoption of improved processing tool – the small-scale processing equipment (SSPE). See annex 1 for details.

Increased income and Jobs under BMP: 4,039 of the 8,413 trained experienced improved productivity. These farmers earned total net attributable income of N1,792,685,814. Regarding jobs facilitated, the average FTE job contributed by 1 farmer was 0.096 which makes the total jobs created by the intervention, 731.

Increased income and Jobs under Improved harvesting tools (IHT): Farmers who adopt the improved harvesting technology, increase the quantity of fresh fruit bunches (ffbs) harvested from their farms, which reduces the losses experienced due to scarcity of climbers, and delayed harvesting. As shown in Table 5 (last row), between January and September 2021, 3,090 oil palm farmers adopted 1,030 improved harvesting technologies (Malaysian Knife and Mechanical Adjustable Harvesters) at an average of 3 farmers per technology. On average the use of improved harvesting technology led to a 32% increase in the quantity of ffb harvested. Consequently, the net attributable income from the additional ffbs harvested by 3,090 adopting farmers so far, is N2,095,268,328.99.

Regarding the jobs facilitated, the average FTE job created by 1 farmer was 0.17 making the total jobs created by the farmers who adopted the improved harvesting technologies, 519 FTE jobs so far in year 2021.

Increased income and Jobs under Improved processing tools (SSPE): 31 improved processing technologies were adopted between January to September 2021. On average 15 processors jointly use each improved technologies, making the total number of processors using the technologies, 465.The projected income earned by the 465 processors adopting improved processing technology during the peak season in 2021, is N416,478,830.50. On the other hand, the projected income earned by these processors during the off-peak season is N459,562,304.27. Regarding jobs facilitated, the processors who adopt the improved processing equipment hire additional hands to help separate the fruits from the palm bunches, sieve the loose fruits, load the sterilizers, and separate the nuts from the fiber. One processor creates 0.55 FTE, making the total jobs created by the 465 processors who adopted the improved technologies so far, 255 FTE jobs.

Overall, the total number of farmers/processors with increased income, because of interventions in the palm oil sector is 7,594, while the estimated value of increased income for actors adopting these interventions is N4.347 billion. The performance exceeds the 2021 target of 8, 666 farmers earning additional N3.164 billion in income. The total number of jobs created in the sector from Q1-Q3, was 1,505 against the 2021 target of 2,700. The shortfall in the target for jobs was due to the high cost of adoption of BMP activities by farmers. For example, the additional cost of maintaining one hectare of farmland increased by 146% due to the high cost of inputs.

The investments in the sector in Q3, 2021 resulted from the adoption of improved seeds, and the purchase of improved harvesting and processing technology. In the quarter under review, N82,590,400 was leveraged through private sector investment in the sector. Also, the 7,572 adopting farmers invested in the purchase of fertilizer, and engagement of labor for pruning and fertilizer application and palm circle weeding, estimated at N929,651,476 in total. In total the investment leveraged by actors adopting improved practices is N1,012, 241,876.
Cumulatively, the total Investment leveraged in 2021 so far is N1.2 billion against the 2021 target of N1.9 billion. The major reason for the shortfall is reduction in equity investments due to the high cost of labor and other farm inputs.

From the sector scoping study, PIND identified the sale and use of adulterated planting materials as a major cause of low yield among smallholder oil palm farmers in the Niger Delta. A typical farm with improved seeds produces 16 tons of fresh fruit bunches per hectare but farmers in the region only produce 4 tons of fresh fruit bunches per hectare. This has resulted in a high demand-supply gap of palm oil in the sector and low income for oil palm farmers. To address this, PIND is strengthening the capacity of private nursery operators, and improving the distribution channel for improved planting materials the Niger Delta through linkages to sprouted nut-producing companies. This is to ensure quality control and the provision of improved seeds for oil palm farmers. So far, 147 nursery operators have been trained and linked to seed producers including PalmElit CIRAD, NIFOR, and ALLISSEE Seed Company. These linkages have strengthened the relationship among the actors and led to the availability of improved seeds for smallholder farmers.

In Q3, PIND trained 11 nursery operators on nursery management, from Ondo (4), Bayelsa (1). Akwa Ibom (2), Edo (2), and Delta (2). Consequently, 81,378 seedlings were purchased by 121 farmers across Delta (42), Edo (1), Rivers (5), Akwa Ibom (13), Abia (30), and Imo states (30). These bring the total number of seedlings purchased in the year to 228,628 seedlings, by 202 farmers against the annual target of 210, 000 seedlings by 500 farmers.

Improving the productivity of poultry farmers is one of PIND’s strategies to increase farmers’ income and jobs creation in the Niger Delta region. The 12 newly-trained service providers were strategically targeted to enable PIND to reach more farmers in new locations with knowledge on good poultry practices, access to improved inputs (vaccine, feed, DOCs, etc.), and access to markets and funding opportunities. Also, this quarter, PIND worked with eight PSPs, 4 Village Level Dealers (VLDs), one input company, and 2 institutional buyers, to reach poultry farmers in Imo, Ondo, Delta, Rivers, Edo, and Cross Rivers with knowledge on good poultry practices, and access to the quality vaccine, market & funding opportunities.

Overall, a total of 59 training activities were carried out to reach 2,187 (749 females) poultry farmers in Ondo, Delta, Rivers, Imo, Edo, Akwa Ibom, and Cross Rivers states. Some of the farmers were further supported with linkages to inputs (feed & vaccines), and finance.

Farmers’ income in the Poultry sector were estimated for the two intervention areas: Improved productivity of farmers through adoption of good poultry production practices (GPP) and the adoption of Vaccines for backyard poultry farmers promoted by the Village level dealers (VLDs). As poultry farmers adopt the improved practices and quality vaccines from the various promotional forums and training programs, they experience a better feed conversion ratio and reduced mortality leading to improved productivity and income. A total of 3,535 (74% performance against the target of 4,766 for the year) increased their incomes between January to September from the adoption of GPP and vaccines for backyard poultry farmers. This led to a total value of N1.26 billion, net additional income, earned by these farmers; exceeding the target of N900,000,000 for the year.

As farmers adopt improved practices and expand production, they engage additional labor to carry out various poultry farming activities such as feeding, vaccination, debeaking, daily record keeping, etc. About 1,347 FTE jobs were created by the 3,858 adopting farmers reached by the PSPs from Q1- Q3, 2021. Jobs were not created by the farmers reached by the VLD farmers as most of them do the work themselves due to their small bird holding sizes.

As market actors continue to experience the benefits derived from various economic activities in the sector, they make some investments to maximize such opportunities. This enables them to expand their business and increase their income.

Using metrics from previous studies, complemented with data from the outcomes assessment during the quarter, PIND estimated that the 3,858 farmers who adopted good poultry practices invested an average of N275,649 per farmer at N137,824 naira per cycle. This brings the total investment leveraged by farmers reached through the poultry service providers (PSPs) to N1,063,348,269.64.

For farmers reached by VLDs, the 912 farmers who adopted the use of quality vaccine and drugs invested an average of N67,206, at N33,603 per cycle. This brings total investment leveraged by farmers reached by village level dealers to N61,292,148.99. Overall, the total investment recorded for the sector from Q1- Q3, 2021 is N1,124,640,418.63.

Business Service Providers (BSPs) provide a variety of services to MSMEs to improve their competitiveness and growth. This variety of services includes but is not restricted to business management training, business diagnostics and upgrading, business plan development, marketing strategy development, and linkages to finance and market.

In Q3, seven BSPs organized outreach events and support to MSMEs reaching 843 enterprises (including 302 womenowned), exceeding the target of 500 for the quarter. This makes the total outreach for the year to 3,113 MSMEs against the target of 3,000 for 2021.

PINDs work in the MSME landscape focuses on improving business efficiencies by enhancing MSME’s business management and technical skills and supporting them to access new markets and funding opportunities. With improved business skills they can increase business efficiency while the funding and market opportunities enable them to expand and sell into new viable markets. All these lead to growth and an increase in net profit for the enterprises.

49% of the micro-enterprises, 57% of small enterprises, and 67% of medium enterprises who receive business information, training, and access to new markets and funding opportunities, witnessed significant changes in their business performance attributable to the support of PIND in collaboration with the BSPs. This translates to 1,540 MSMEs (1,445 micro, 86 small, and 9 medium businesses) with improved performance in 2021 out of the 3,113 that accessed various business support services. These MSME’s earned additional income of N1.77 billion, against the target of N2billion for the year. One of the major contributors to the improved performance of the businesses, is the access to funding, as most of the enterprises benefitted from the Federal Government financing Initiatives-AGSMEIS. Most of these enterprises were trained and supported by the BSPs to access loans from the AGSMEIS program which helped them expand their business operations. As at Q3 2021, over 1,270 enterprises had received loans worth N2.4 billion. Similarly, through the linkages support by the BSPs, over 200 businesses had been linked to large buyers like SPAR and Market Square.

One of PIND’s priorities in the MSME Development and Linkages project in 2021 is to deepen relationships between the business service providers and financial institutions, particularly the Central Bank of Nigeria to unlock access to capital for small enterprises under various financing schemes such as the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS).

In Q3, 189 enterprises (77 women-owned) accessed loans worth N501,508,965 from the CBN AGSMEIS. These loans were given to fund the acquisition of new equipment and technologies, expand into new business lines and improve working capital. This enhanced the business performance of the enterprises to meet new market opportunities. Cumulatively, the total year-to-date investment leveraged through debt financing is N3.41 billion for 2021, exceeding the year’s target of N2.5 billion.

As enterprises expand by accessing new markets and funding opportunities, they engage more staff to support their increased business operations. An estimated 2,873 jobs16 were created by the 1,540 MSMEs reported to have experienced a significant increase in income in 2021. The 2,873 jobs exceed the target of 2,500 jobs for the year.