In the last five years, the United States Government has supported $205 million in debt and equity investments for Nigerian agribusinesses through the United States Agency for International Development.
According to The Punch, the organization made this information public on Tuesday in a statement advertising the USAID-funded West Africa Trade and Investment Hub workshop with the theme “Leveraging Private Sector Engagement to Promote Sustainable Impact.”
The two-day event, according to the organization, will promote the Trade Hub’s initiatives to increase trade and investment opportunities and enhance communities and livelihoods in West Africa. It was claimed that Nigeria has enormous potential for economic growth due to its untapped workforce pool.
It went on to say that there is a chance for the country to emerge as an important exporter and hub for both West Africa and Africa.
The organization claimed, “Over the past five years, USAID has supported private sector-led economic growth in Nigeria by arranging investments totaling $205 million in loan and equity for Nigerian agribusinesses.
“Additionally, USAID offered partial risk guarantees to support loans totaling up to $120 million to enterprises engaged in agriculture, healthcare, and renewable energy.”
It further stated that the trade hub increases private sector competitiveness with an emphasis on raising Nigeria’s smallholder farmers’ agricultural production and profitability while fostering regional and global trade in the region.
With a market-based strategy, the initiative expands relationships with businesses across a range of industries through a co-investment grant facility to raise the productivity, profitability, and competitiveness of the private sector.
The acting mission director for USAID, Sara Werth, said, “We are really happy with the outcomes we have so far achieved along with our private sector partners and local and national governments around the region.
“Today’s learning event provides the environment to fuel continued collaboration and forge new connections as we partner in the work necessary for sustainable economic growth, financial inclusion, and climate resilience.”
The organization added that since the hub’s inception in 2019, 93 private-sector investments have been stimulated across 16 West African nations. It further stated that the hub has given out $82.6m in co-investment grants to its partner companies, generated over $463m in sales, and created over 60,000 jobs.
