The United States Government through the US Agency for International Development-funded West Africa Trade and Investment Hub on Wednesday hosted a workshop on: “Leveraging Private Sector Engagement to Promote Sustainable Impact.”
The two-day event highlighted the efforts of the Trade Hub to expand trade and investment opportunities and improve livelihoods and communities in West Africa.
A statement by the organisers said Nigeria has a vast untapped pool of labour in the largest economy and market in Africa, which, together, represent vast potential for economic growth.
It said there is an opportunity to become a dominant exporter and hub for the West Africa region and the broader continent.
Over the past five years, USAID has promoted private sector-led economic growth in Nigeria by facilitating $205 million in debt and equity investments for Nigerian agribusinesses.
USAID also provided partial risk guarantees that will support up to $120 million in loans to agricultural, health and renewable energy businesses.
The Trade Hub improves private sector competitiveness with a focus on increasing the agricultural productivity and profitability of smallholder farmers in Nigeria and promoting West Africa’s regional and international trade.
Using a market-based approach, the project also increases partnerships with firms in various sectors through a co-investment grant facility to improve private sector productivity, profitability and competitiveness.
Since the Trade Hub was launched in 2019, the project has catalysed 93 private-sector investments across 16 West African countries.
In Nigeria, partners include fruit and cereal processing companies, agricultural input companies, financial advisers, investment firms and anchor farms.
The Trade Hub has awarded $82.6 million in co-investment grants to these companies, generated over $463 million in sales, and created over 60,000 jobs.
Speaking at Wednesday’s event, USAID Acting Mission Director, Sara Werth, remarked: “Together, with our private sector partners and local and national governments throughout the region, we are so proud of the results we have achieved till date.
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“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.”
During the event, private sector partners shared their successes in leveraging Trade Hub funds and direct partnerships with investment firms and businesses to unlock new private investment.
They are also discussing the strategies implemented to grow their businesses while navigating challenges and crises such as COVID-19, insecurity and inflation.
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