The United States Chamber of Commerce has announced plans to invest around $320 million in mortgage refinancing and support for Small and Medium Enterprises (SMEs) in Nigeria. This significant investment was revealed during a US-Nigeria Executive Business Roundtable held as part of the ongoing 79th Session of the United Nations.
Nisha Biswal, the Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, shared details of the investment during the event. The Chamber will allocate $200 million specifically for mortgage refinancing in Nigeria, with an additional $100 million designated for First City Monument Bank (FCMB) to finance SMEs, notably with a focus on women’s empowerment initiatives.
Furthermore, Biswal confirmed a $20 million approval for Robust International, aimed at enhancing cashew nut processing operations in Nigeria. She underscored the American Chamber’s commitment to collaborating with Nigerian stakeholders in developing sustainable economic policies.
In response, Vice-President Kashim Shettima, currently leading Nigeria’s delegation at the United Nations General Assembly, echoed President Bola Tinubu’s dedication to creating an investor-friendly environment. He urged international investors to consider Nigeria favorably, highlighting that the current administration is the most supportive of investment in the nation’s history.
Shettima noted that President Tinubu’s decisive actions, such as the removal of fuel subsidies and the unification of foreign exchange markets, demonstrate a commitment to reform that prioritizes economic growth.
The Vice-President is scheduled to present President Tinubu’s national statement during the General Debate at the UNGA and will also engage with the Secretary-General of the United Nations to discuss further opportunities for collaboration.
