The United States Chamber of Commerce has announced its intention to invest approximately $320 million in mortgage refinancing and Small and Medium Enterprises (SMEs) in Nigeria. This information was shared by Mr. Stanley Nkwocha, spokesperson for Vice-President Kashim Shettima.
Ms. Nisha Biswal, Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, revealed this investment during a U.S.-Nigeria Executive Business Roundtable held in conjunction with the ongoing 79th Session of the United Nations.
According to Biswal, the Chamber plans to allocate $200 million specifically for mortgage refinancing in Nigeria as part of its $1 billion portfolio. “Additionally, $100 million has been earmarked for FCMB to finance SMEs in Nigeria, with a particular focus on empowering women,” she stated. The Chamber also approved $20 million for Robust International to support cashew nut processing in Nigeria.
Biswal emphasized the U.S. Chamber’s commitment to collaborating with Nigeria to develop and implement sustainable economic policies.
In response, Vice-President Shettima, leading the Nigerian delegation at the United Nations General Assembly, reiterated President Bola Tinubu’s commitment to fostering an investor-friendly environment. “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,” he asserted.
Shettima highlighted the administration’s decisive actions, such as removing fuel subsidies and unifying multiple foreign exchange markets, which he believes will create a more favorable climate for investment.
Earlier, Nigeria’s Minister of Foreign Affairs, Amb. Yusuf Tuggar, briefed the Vice-President on the delegation’s activities and itinerary in New York. Tuggar noted that Shettima 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.
