Africa Business Communities

USAID and Nigerian Government Partner to Increase Private Financing for Nigerian Agriculture

In a ceremony at the Central Bank of Nigeria on January 17, 2013, United States Agency for International Development (USAID) Administrator Dr. Rajiv Shah, Nigerian Central Bank Governor Mallam Sanusi Lamido Sanusi, and Nigeria’s Federal Ministry of Agriculture and Rural Development, represented by Honorable Minister Dr. Akinwumi Adesinathe, launched a partnership in which the parties expect to leverage up to $100 million in commercial lending for the country’s agriculture sector.

The partnership, cemented through a Memorandum of Understanding signed today, will engage financial institutions, provide technical assistance, explore new financial products and establish a staff exchange program to encourage the growth of the agriculture sector in Nigeria.

“Most importantly, it is not a partnership for partnerships’ sake,” said Administrator Shah at the ceremony in Abuja. “These are true market linkages that will drive growth, deliver profits, and expand opportunities for poorer and marginalized communities around the country.”

Since 1999, USAID’s Development Credit Authority has mobilized nearly $3 billion in private financing through local lenders in 70 countries —helping first-time borrows access vital credit. In Nigeria, USAID has partnered with six Nigerian banks to provide up to $34 million in guaranteed financing for health, agriculture, energy, and housing.

www.usaid.gov


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