The United States Agency for International Development (USAID) is to offer a 24-million-dollar grant to Nigeria in support of agribusiness in the West African country, the official News Agency of Nigeria reported on Friday.

Dick Cook, managing director of Chemonics, the USAID Markets implementing partner, was quoted as saying the support was a five- year innovative project aimed at expanding economic opportunities for Nigerian farmers.

He said the project would also expand economic opportunities, producers, buyers, and other actors in the agricultural sector, including youths.

"It will also contribute to poverty alleviation through increased sales and jobs in agribusiness in Nigeria," he said.

According to him, even though Nigeria was rapidly urbanizing, the majority of Nigerians still live in rural areas where problems are numerous.

Most of these Nigerians were small-holder subsistence farmers, barely making a living, Cook said, adding that unemployment was high in rural areas, particularly among youths with farmers unable to access lucrative markets for their goods or receive competitive prices, thus sell below cost.

"Sometimes their products simply end up going waste. Many of the commodities produced are no longer competitive and are pushed out of the market by imports," he said.

Source: Xinhua