The United States Chamber of Commerce has announced plans to invest approximately $320 million in mortgage refinancing and support for Small and Medium Enterprises (SMEs) in Nigeria.
This information was revealed in a statement from Mr. Stanley Nkwocha, spokesperson for Vice-President Kashim Shettima.
Ms. Nisha Biswal, Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, made the announcement on Monday during the US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce, which is part of the ongoing 79th Session of the United Nations.
Biswal explained that the chamber has a portfolio of one billion dollars and intends to allocate $200 million specifically for mortgage refinancing in Nigeria.
She stated, “Additionally, the sum of $100 million has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women’s empowerment.”
Furthermore, the US Chamber of Commerce has approved $20 million for Robust International to support cashew nut processing in Nigeria.
Biswal emphasized that the American Chamber is dedicated to collaborating with Nigerians to develop and implement sustainable economic policies.
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In response, Vice-President Shettima, who is leading the Nigerian delegation at the United Nations General Assembly, reiterated President Bola Tinubu’s commitment to creating an investor-friendly environment.
He remarked, “I urge you to give Nigeria the benefit of the doubt. The current administration led by President Bola Tinubu is the most investor-friendly administration in Nigeria’s history.”
Shettima highlighted the government’s decisive actions regarding fuel subsidies, stating, “When fuel subsidies were an albatross around Nigeria’s neck, President Tinubu, from day one, acted decisively by removing the fuel subsidy and unifying the multiple opaque foreign exchange markets.”
Earlier, Minister of Foreign Affairs Amb. Yusuf Tuggar briefed the Vice-President on the delegation’s activities and itinerary in New York. Tuggar noted that the Vice-President is expected to deliver President Tinubu’s national statement at the General Debate of the UNGA and will also meet with the Secretary-General of the United Nations.
