The United States Agency for International Development said it has awarded $26.6m in co-investment grants to 33 companies in Nigeria through its global hunger and food security initiative.
The Director of Economic Growth, Agriculture and Power, USAID, Michelle Corzine, announced this at a partnership meeting on Monday in Abuja.
Corzine said the grants were given through partnerships with the USAID-funded West Africa Trade and Investment Trade Hub Feed the Future Nigeria Agribusiness Investment activity.
The event, titled “Collaborating for Enhanced Food Security in Nigeria,” aimed to showcase the impact of public-private partnerships on Nigeria’s food security and economic growth.
“Through the Feed the Future Initiative, the Trade Hub has awarded $26.6 million in co-investment grants to 33 companies.
“The U.S. government is deeply invested in the prosperity of Africa, recognizing the immense potential for growth and development of the continent.
“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,” she said.
According to Corzine, through collaborative efforts, the Trade Hub and its partners have strengthened food systems, increased incomes, and promoted inclusive agro-development in Nigeria.
She said that these outcomes demonstrated the effectiveness of collaboration in strengthening food systems and promoting inclusive agro-development in Nigeria.
“They have catalyzed $171.2 million in private-sector investments, created over 26,000 new jobs, and generated nearly $400 million in domestic sales.
“The Trade Hub, a $116.1 million USAID initiative, aims to improve private sector competitiveness in West Africa.
“Operating in 16 countries, it targets $400 million in new private investments and the creation of 60,000 jobs,” she said.
The U.S. envoy said the grants underscored the agency’s efforts to foster sustainable economic development, adding that the U.S. was committed to Africa’s prosperity and Nigeria’s regional powerhouse role.
The event featured panel discussions, presentations, product showcases, networking sessions, with partners sharing their successes and challenges in implementing food security initiatives. NAN
