At the 79th United Nations General Assembly (UNGA), the United States Chamber of Commerce announced its commitment to invest approximately $320 million into Nigeria’s mortgage refinancing and Small and Medium Enterprises (SMEs) sector.
This pledge was revealed during the US-Nigeria Executive Business Roundtable in New York, part of the ongoing UNGA events.
Ms Nisha Biswal, Deputy CEO of the U.S. International Development Finance Corporation, confirmed that $200 million will be allocated to mortgage refinancing in Nigeria.
An additional $100 million has been set aside for FCMB to support SMEs, particularly targeting women’s empowerment.
“The US Chamber is proud to allocate $100 million to FCMB for SME financing, with a special focus on advancing women’s participation,” Biswal stated.
Moreover, the US Chamber also announced a $20 million investment for Robust International, a cashew nut processing firm based in Nigeria, as part of efforts to boost agricultural processing.
In response, Vice President Kashim Shettima, leading Nigeria’s delegation to the UNGA, assured investors of Nigeria’s favourable business environment.
“President Bola Tinubu’s administration is the most investor-friendly in Nigeria’s history. From the swift removal of fuel subsidies to the unification of foreign exchange markets, we are fostering economic growth,” Shettima said.
Foreign Minister Amb. Yusuf Tuggar also briefed Shettima on Nigeria’s itinerary in New York, which includes meetings with the UN Secretary-General and a national address by Shettima on behalf of President Tinubu.
