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December 6, 2023
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US commits $9.6B for North-East investments

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.

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

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.

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.

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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