Nigerian Firm Gets N592m USAID Grant for Agric Investment
A Nigerian firm, LoftyInc Allied Partners Limited, has received a grant of N592 million from the United States Agency for International Development (USAID) to enhance investment in Africa.
This was disclosed by Mr Michael Oluwagbemi, the Executive Partner of LoftyInc, who explained that the money was a co-investment grant by the USAID-funded West Africa Trade and Investment Hub (Trade Hub).
The Trade Hub is a USAID-funded initiative designed to catalyse economic growth by collaborating with the private sector to generate new investment, create new jobs, and increase the value of regional and international exports in West Africa.
According to him, the grant is aimed at inaugurating Project Sparrow, an initiative developed to reduce the risk of local and global investments in selected agribusiness and agritech companies in Nigeria.
He said that it would help the selected companies achieve higher productivity, better returns, inclusive growth and access to finance.
“Through assistance provided to these companies, Project Sparrow will achieve its overall goal of supporting the improvement of Nigerian smallholder farmers’ productivity and livelihoods in the U.S. Government’s “Feed the Future States” and select value chains.
“Project Sparrow is expected to positively impact more than 50 direct beneficiaries and a total of 25,000 smallholder farmers while creating 4,000 jobs,” he said.
Mr Oluwagbemi added that in celebration of the project and its expected outcomes, LoftyInc had hosted a kick-off inauguration for the project in Abuja.
The Trade Hub and LotfyInc share the common goal of supporting small and medium-sized businesses to be drivers of economic growth in Nigeria.
Source: https://businesspost.ng/economy/nigerian-firm-gets-n592m-usaid-grant-for-agric-investment/
