In the last 5 years, about $250 million in debt and equity has been made possible by the United States Government, through the United States Agency for International Development (USAID).
This was announced by the agency on Tuesday at the USAID-funded West Africa Trade and Investment Hub workshop labeled, ‘Leveraging Private Sector Engagement to Promote Sustainable Impact,’ which commenced on Wednesday.
The agency further explained that the ceremony will last for 2 days and will focus on the Trade Hub’s efforts to widen the investment window and advance livelihoods in West Africa nations. Their main focus is Nigeria which has a large reserve of labour and a broad ability for commercial growth.
The agency was delighted because Nigeria has the potential to be a significant exporter and market for West Africa and Africa. On the support the agency has given in the last five years, it said, “Over the past five years, USAID has promoted private sector-led economic growth in Nigeria by facilitating $205m in debt and equity investments for Nigerian agribusinesses. USAID also provided partial risk guarantees to support up to $120m in loans to agricultural, health, and renewable energy businesses.”
It added that the market enhances private business competitiveness with the aim of boosting the productivity and viability of the small-scale farmers. The initiative allows collaboration with companies in different industries through market-based methodology and a co-investment funding provision. This process will advance private business, competitiveness, viability, and lucrativeness.
Sara Werth, the USAID Acting Mission Director, stated, “Together, with our private sector partners and local and national governments throughout the region, we are so proud of the results we have achieved to date.
“As we continue to partner in the work necessary for sustainable economic growth, financial inclusion, and climate resilience, today’s learning event provides the environment to fuel continued collaboration and build new connections.”