US commits $9.6B for North-East investments

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The United States government, in collaboration with the U.S. Agency for International Development, has announced a N9.6bn investment for the economic revitalization of Northeast Nigeria.

The initiative, called “Partnership Day” with the theme “Fostering Economic Resilience in Northeast: A Path to Sustainable Growth,” aims to catalyze collaboration between the public and private sectors.

During the event, private-sector players and investors committed funds to support micro, small, and medium enterprises, as well as the financial technology and agribusiness sectors in the region.

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The challenges faced by Northeast Nigeria were emphasized in a statement, citing insecurity disrupting supply chains, hindering market access, and discouraging investment.

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The statement highlighted inadequate infrastructure, limiting efficient goods movement, and noted challenges for MSMEs in securing financing for expansion and working capital. The region’s vulnerability to drought and climate-related issues, coupled with limited access to digital technologies, further complicates the business landscape.

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The Partnership Day event was facilitated through the Feed the Future Rural Resilience Activity, a $49m, five-year USAID-funded project supporting economic recovery and growth in Adamawa, Bauchi, Borno, Gombe, Taraba, and Bauchi States.

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Speaking at the event, Feed the Future Team Lead Jazmian Ohanyere expressed the importance of attracting businesses to the Northeast and fostering partnerships through open dialogues, knowledge sharing, and relationship-building, emphasizing USAID’s commitment to building resilient communities and businesses.

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