US agency signs agreement with Kebbi govt to invest $10 million in agribusinesses

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The United States African Development Fund (USADF) entered into an agreement with Kebbi State Government in the amount of $ 10 million to provide seed capital and technical assistance to local agribusinesses in the state.

The agreement, which will last five years, is to develop and expand local agricultural enterprises in the northern Nigerian state.

Kebbi State and USADF will contribute $ 5 million over the period.

Speaking at the signing of the Memorandum of Understanding (MOU) in Abuja on Thursday, the president of the USADF, C.D Glin, said that empowering local governments is important for the transformation of rural areas.

He said his organization is aware of the challenges facing the African continent today and in the future.

Mr. Glyn said that as part of his efforts to create an agro-industrial complex in Nigeria, the USADF will allocate $ 1 million per year to finance seed capital, as well as technical assistance through the Diamond Initiative (DDI) over five years.

State Governor Kebbi Abubakar Bagudu said the partnership will help the region achieve sustainable development.

“US $ 10,000 is big for Kebbi State, because we are a very small country. This is very important for us, ”said Mr. Bagudu.

He called on other states to emulate the steps taken by Kebbi.

He said that the state government approved funds to improve transport infrastructure, as well as to enhance agricultural activity.

In his speech, US Ambassador to Nigeria Stuart Symington stated that the partnership should make Nigeria better.

He said that they work together because they share faith in the future of the Kebbi state.

Mr. Symington said that the Memorandum of Understanding aims to transform the lives of people who will work in the value chain of agriculture.

“The partnership demonstrates joint commitment to achieving sustainable development in the region and finding ways to increase the competitiveness of Kebbi’s state-owned rice market, as well as increasing incomes for farmers and their families.”

The USADF has been operating in Nigeria since 2001, investing a total of $ 9.5 million. The United States has 100 grassroots, growing businesses and has reached nearly 500,000 people with improved livelihoods.

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