The United States Chamber of Commerce has pledged approximately $320 million to support mortgage financing and Small and Medium-sized Enterprises (SMEs) in Nigeria. This commitment was announced during Nigeria’s participation at the 79th Session of the United Nations General Assembly (UNGA) in New York.
Vice President Kashim Shettima, leading the Nigerian delegation and representing President Bola Ahmed Tinubu, engaged with other members of Nigeria’s delegation to strategize on the country’s engagements at the UNGA.
At the US-Nigeria Executive Business Roundtable hosted by the Chamber, Nisha Biswal of the American International Development Finance Corporation revealed that, with a portfolio of $1 billion, the corporation is investing $200 million specifically for mortgage refinancing in Nigeria. Additionally, $100 million has been earmarked for FCMB to finance SMEs, with a focus on women’s empowerment. Another $20 million has been approved for Robust International for the processing of cashew nuts in Nigeria.
Biswal emphasized the American Chamber’s commitment to collaborating with Nigerians to develop sustainable economic policies.
In response, Vice President Shettima expressed gratitude for the support and reiterated President Tinubu’s dedication to creating investor-friendly policies. He urged investors to view Nigeria positively, highlighting the current administration’s proactive steps, such as withdrawing the fuel subsidy and unifying the foreign exchange markets.
Earlier on the same day, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, briefed the Vice President on his itinerary and the activities planned during his time in New York. Shettima is expected to deliver President Tinubu’s national statement during the General Debate at UNGA and meet with several dignitaries, including the UN Secretary-General, heads of state from the African, Caribbean, and Pacific States, and Dr. Ngozi Okonjo-Iweala, President of the World Trade Organization.