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Forums  /  General Discussion  /  Market Place v  /  W/Africa trade hub to attract $300m FDI, says US envoy
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W/Africa trade hub to attract $300m FDI, says US envoy
Edoman Offline
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01-29-2020, 12:02 PM
W/Africa trade hub to attract $300m FDI, says US envoy
January 29, 2020
 
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[/url][Image: Mary-Beth-Leonard-347x375.jpg]

Mary Beth Leonard

[url=https://thenationonlineng.net/wp-content/uploads/2020/01/Mary-Beth-Leonard.jpg]



 

THE newly launched $60 million  USAID West Africa Trade and investment Hub in Nigeria will attract $300 million new Foreign Direct Investment (FDI), US Ambassador to Nigeria, Mary Beth Leonard, has said.

The hub will target interventions in agriculture five value chains wihin seven states in the country.


Seven states – Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi and Niger would be part of the hub.

The hub will focus on West African nations, including Senegal, Cote d’ Ivoire, Ghana and Nigeria, with Abuja serving as the hub’s centre.

Accra, Ghana had previousely served as West Africa hub centre until the recent re-constitution in Abuja.

Leonard said the initiative also has the potential of creating 40,000 new jobs by 2025.

The initiative, she said, works on reducing the cost and risk of doing business and by so doing providing a level playing field to make investment and trade freer for everyone.


The project will work with private sector.

Eighty-six applicants have been pre-qualified out of the initiatial 125 applicants, while 63 of the applicants have been cleared for grants.

The envoy noted that the hub will administer $60 million in co-investment grant fund for the next five years, which will act as a catalyse for the $300 million new FDI.
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