Nigeria and the US have signed a $2.3 billion agreement, paving way for the US to offer developmental assistance to Nigeria within the next five years.
Nigeria will receive the said assistance through the United States Agency for International Development (USAID).
Vice President Yemi Osinbajo and Michael Harvey, the director of USAID-Nigeria, jointly signed the agreement on September 29 during a ceremony at the Aso Rock Villa in Abuja. Shawn Flatt, the acting deputy chief of mission, United States Embassy, also witnessed the signing.
The $2.3 billion agreement comes on the heels of President Muhammadu Buhari’s visit to Washington, DC in July.
“This agreement will provide a solid foundation for our two countries to partner together to reduce inequalities across the country,” said Harvey.
The agreement is expected to cover activities from 2015 through 2020, and aims to help Nigeria reduce extreme poverty in a more stable, democratic society. Activities under this scheme are also expected to stimulate inclusive economic growth, promote healthier, more educated populations, and strengthen good governance.
In an effort to align Nigeria’s developmental plans with sector-specific strategies, USAID collaborated with the Nigerian National Planning Commission on set national growth targets.
The agency also partnered many other agencies, such as the Nigerian ministries of health, agriculture, power, education, as well as state-level government counterparts to establish a coherent structure for effective implementation of the agreement.
In April 2014, Jim Yong Kim, president of the World Bank, described Nigeria as one of the top five countries with the largest number of poor people. Nigeria, he said, ranked third with 7 percent of the world poor, while India and China ranked first and second with 33 and 13 percent total population of the world poor, respectively.
