The United States Agency for International Development (USAID) has awarded $26.6 million in co-investment grants to 33 Nigerian companies through its global hunger and food security initiative.
Michelle Corzine, Director of Economic Growth, Agriculture, and Power at USAID, announced this during a partnership meeting on Monday in Abuja.
Corzine stated that the grants were distributed through partnerships with the USAID-funded West Africa Trade and Investment Hub’s Feed the Future Nigeria Agribusiness Investment activity.
The event, titled: “Collaborating for Enhanced Food Security in Nigeria,” highlighted 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 Africa’s prosperity, recognizing its immense growth potential.
“As President Biden remarked 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,” Corzine said.
She stressed that the United States has recognised Nigeria’s role as a regional powerhouse, and is therefore committed to supporting programmes that foster economic growth, enhance trade partnerships, and promote food security in the country.
According to her, the collaborative efforts of the Trade Hub and its partners have strengthened food systems, increased incomes, and promoted inclusive agro-development in Nigeria.
“These investments have catalyzed $171.2 million in private-sector investments, created over 26,000 new jobs, and generated nearly $400 million in domestic sales,” she said.
“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 added.