Trade Hub Awards $26.6 Million in Grants to Boost Nigeria’s Food Security

Date:

USAID Summit Drives Food Security in Nigeria via Private-Sector Collaboration

Thank you for reading this post, don't forget to subscribe!

ABUJA, Nigeria, June 24, 2024/ – Today, the USAID-funded West Africa Trade & Investment Hub (Trade Hub) convened a partnership summit titled “Collaborating for Enhanced Food Security in Nigeria.” The event underscored the transformative impact of public-private partnerships on Nigeria’s food security and economic growth.

The summit featured dynamic panel discussions, insightful presentations, product showcases, and fruitful networking sessions. Partners of the Trade Hub shared both successes and challenges encountered in implementing crucial food security initiatives. Notably, through the Feed the Future Initiative, the Trade Hub has allocated $26.6 million in co-investment grants to 33 companies.

These partnerships have yielded remarkable outcomes. Collaborative efforts between the Trade Hub and its partners have fortified food systems, boosted incomes, and fostered inclusive agro-development across Nigeria. Under the U.S. Government’s global hunger and food security initiative, these collaborations have spurred $171.2 million in private-sector investments, generated over 26,000 new jobs, and achieved nearly $400 million in domestic sales. These achievements highlight the effectiveness of partnership-driven strategies in fortifying food systems and advancing inclusive economic growth in Nigeria.

Michelle Corzine, Office Director of Economic Growth, Agriculture, and Power, reaffirmed the U.S. government’s commitment to Africa’s prosperity, emphasizing Nigeria’s pivotal role as a regional powerhouse. She underscored, “The U.S. government is deeply committed to Africa’s economic advancement, recognizing the continent’s vast potential for growth and development. As President Biden emphasized, ‘Africa’s success and prosperity are crucial for a better future for all.’ Acknowledging Nigeria’s pivotal regional influence, the U.S. is dedicated to supporting initiatives that enhance economic growth, foster trade partnerships, and bolster food security.”

The Trade Hub, funded by a $116.1 million USAID initiative, aims to enhance private sector competitiveness across West Africa. Operating in 16 countries, it targets $400 million in new private investments and aims to create 60,000 jobs. This summit exemplifies the Trade Hub’s ongoing commitment to fostering sustainable economic development through strategic partnerships.

OyinyeChukwu Paula
OyinyeChukwu Paulahttp://Vetiva%20Research
OyinyeChukwu Paula Position: Business Journalist, Naija247news OyinyeChukwu Paula is an accomplished business journalist contributing her expertise to Naija247news, one of Nigeria's leading news platforms. With a keen interest in economic affairs, financial markets, and corporate developments, Paula brings a wealth of knowledge to her reporting, delivering insightful analyses on the dynamic business landscape in Nigeria and beyond. Education: Paula holds a degree in Journalism from [Abia State University], where she honed her skills in investigative reporting and business journalism. Her academic background laid the foundation for her commitment to delivering accurate and timely news with a business-focused perspective. Professional Experience: Having amassed experience in the field, Paula's journalistic journey has been marked by a dedication to uncovering stories that impact the business community. Her work spans interviews with key industry figures, coverage of market trends, and in-depth analyses of economic policies. Areas of Expertise: Financial Markets: Paula provides comprehensive coverage of financial markets, offering insights into stock movements, currency fluctuations, and economic indicators. Corporate Affairs: With a focus on corporate activities, Paula delves into mergers and acquisitions, financial reports, and the strategies employed by leading companies. Economic Policy: Keeping a watchful eye on government policies, Paula explores their implications on businesses and the broader economy, providing readers with a nuanced understanding of economic developments. Contributions to Naija247news: Paula's bylines at Naija247news reflect her commitment to delivering quality journalism. Whether unraveling complex financial narratives or simplifying intricate economic concepts, she ensures that her audience is well-informed and empowered. Passion for Business Journalism: Beyond the newsroom, Paula is known for her passion for business journalism's role in fostering transparency and accountability. She believes in the power of information to drive positive change and economic growth. In a media landscape marked by rapid changes, OyinyeChukwu Paula stands out as a dedicated business journalist who continues to shape the discourse on economic matters, contributing significantly to Naija247news's mission of delivering credible and impactful news.

Share post:

Subscribe

Popular

More like this
Related

Nigeria Earns $1.2 Billion Annually from Livestock Exports, MACBAN Reports

Nigeria earns approximately $1.2 billion each year from the...

Nigeria Sovereign Investment Authority Awards $220,000 to Top Startups at NSIA Prize for Innovation

The Nigeria Sovereign Investment Authority (NSIA) has awarded a...

Nigeria Says Foreign Exchange Inflows from IMTOs Surge by 38.86% to $1.07bn in Q1 2024

Foreign exchange inflows from International Money Transfer Operators (IMTOs)...

Mercury to Terminate Accounts of Nigerian Businesses and Others by August 2024

American financial technology company Mercury has announced plans to...
× How can I help you?