AECF presents N1.5bn, launches Cooperative Window Competition

The Africa Enterprise Challenge Fund (AECF), has launched a Cooperative Window Competition towards transforming women in agri-value chain in Kano.

The programme, which aimed at transforming livelihoods in Kano featured presentation of a cheque of N1 billion to Sagad Farms Limited and N500 million cheque to Royal Blue Contractors Limited, investors that participated in the first phase of SME’s window competition.

The News Agency of Nigeria (NAN) reports that the AECF Investing in Women in Nigeria (IIW) programme is funded by the Canadian Government through Global Affairs Canada.

Launching the programme in Kano, the Head of Programmes, AECF, Ms Susan Situma, said $1.1 million Canadian Dollars equivalent to N1.3 billion had been set aside for 40 cooperatives to access resources, agricultural inputs and other productive assets.

“Each cooperative should access N30.7 million equivalent to 25,000 Canadian Dollars.

“We launched the first phase of SME window competition earlier in 2024 for private sector and our target is to invest in 17 SME’s for rural and marginalised communities within Kano.

“Our aim is to improve enabling environment and reduced systematic gender inequalities that women entrepreneurs and farmers face,” she said.

Situma noted that the organisation intended to spend 15.7 million Canadian Dollars to support 51,000 lives.

On his part, AECF Senior Programme Officer, Fuad Farouk, said the organisation was looking for 90 cooperatives through BMO’s and 25 MDA’s to identify eligible contestants.

“The competition process is a demand driven approach, at the end only 40 cooperatives will be qualified.

“Our aim is to empower women and to have greater access to finance, mechanisation, and marketing by Investing in them,” Farouk said.

The Managing Director, Kano State Agricultural and Rural Development Authority (KNARDA), Dr Faruk Kurawa, describe the programme as apt, observing that it would assist in addressing small scale agricultural business challenges.

“This intervention will increase production, enhance income of the cooperatives, boost the country’s economy and reduce importation among others,” Kurawa said. (NAN)