At the 79th United Nations General Assembly (UNGA), the United States Chamber of Commerce declared its intention to invest around $320 million in Nigeria’s mortgage refinancing and Small and Medium Enterprises (SMEs) sector.
This announcement took place at the US-Nigeria Executive Business Roundtable in New York, which is part of the ongoing UNGA activities.
Ms. Nisha Biswal, the Deputy CEO of the U.S. International Development Finance Corporation, verified that $200 million is designated for mortgage refinancing initiatives in Nigeria.
An extra $100 million has been earmarked for FCMB to bolster SMEs, with a specific focus on enhancing women’s empowerment.
Biswal stated, “The US Chamber is proud to allocate $100 million to FCMB for SME financing, with a special focus on advancing women’s participation.”
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.
Shettima stated, “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.”
Ambassador Yusuf Tuggar, the Foreign Minister, updated Shettima on Nigeria’s schedule in New York, which comprises engagements with the UN Secretary-General and a speech by Shettima representing President Tinubu.
, the United States Chamber of Commerce declared its intention to invest around $320 million in Nigeria's mortgage refinancing and Small and Medium Enterprises (SMEs) sector.){kind=link}