The United States Agency for International Development (USAID) announced that it has given 26.6 million dollars in co-investment funds to 33 Nigerian enterprises as part of its global hunger and food security strategy.
Michelle Corzine, USAID’s director of economic growth, agriculture, and power, stated this during a partnership meeting in Abuja on Monday.
Ms Corzine stated that the funding were provided through collaborations with the USAID-funded West Africa Trade and Investment Trade Hub Feed the Future Nigeria Agribusiness Investment initiative.
The event, themed “Collaborating for Enhanced Food Security in Nigeria,” aimed to demonstrate the benefits of public-private partnerships for Nigeria’s food security and economic growth.
“Through the Feed the Future Initiative, the Trade Hub has provided $26.6 million in co-investment awards to 33 businesses.
“The United States government is profoundly committed to Africa’s prosperity, acknowledging the continent’s enormous potential for growth and development.
“As President Biden said during the 2022 U.S.-Africa Business Forum, ‘Africa’s success and prosperity are essential to ensuring a better future for all of us, not just Africa.”
“Recognising Nigeria’s pivotal role as a regional powerhouse, the U.S. government is dedicated to supporting initiatives that promote economic growth, enhance trade partnerships, and promote food security,” said Mrs. Obama.
Ms Corzine claims that via joint efforts, the Trade Hub and its partners have reinforced Nigeria’s food systems, increased incomes, and promoted inclusive agro-development.
She stated that these findings highlighted the effectiveness of collaboration in strengthening food systems and supporting inclusive agricultural development in Nigeria.
“They have sparked $171.2 million in private-sector investment, created over 26,000 new jobs, and generated nearly $400 million in domestic sales.”
“The Trade Hub, a $116.1 million USAID initiative, seeks to boost West Africa’s private sector competitiveness.”
“Operating in 16 countries, it targets $400 million in new private investments and the creation of 60,000 jobs,” she informed the audience.
The US envoy stated that the funds emphasized the agency’s efforts to promote long-term economic development, and that the US was committed to Africa’s prosperity and Nigeria’s regional leadership role.
The event included panel discussions, presentations, product demos, and networking sessions where partners shared their triumphs and challenges in implementing food security programs.
