According to Fred Oladehinde, an American business expert, Nigeria holds the potential to generate 4 Million jobs annually through AGOA by investing in the development of its Micro Small and Micro Enterprises (MSMEs) sector.
African Growth and Opportunity Act (AGOA) scheme was initiated by the U.S. government in May 2000 to assist the economies of sub-Saharan Africa and to improve economic relations between U.S and the region.
After completing its initial 15-year period of validity, the AGOA legislation was extended in 2015 by a further 10 years, to September 2025.
Oladehinde noted that Nigeria had not maximally benefited from the scheme, adding that his organization was ready to work with the government and civil society organizations to explore the scheme benefits.
In his words, “We need to mobilise MSMEs so that we can improve and enhance not only the value chain from supply side but also include their participation in the global supply chain and create the needed jobs. As you know there is need for the creation of about 20 million jobs every year in Africa. And if you look at the size of Nigeria and the population, it means almost four million of this jobs will have to be created in Nigeria every year,” he said.