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The United States Chamber of Commerce has indicated its intention to invest around $320 million in mortgage refinancing and support for Small and Medium Enterprises in Nigeria.
This information was shared in a statement from Mr. Stanley Nkwocha, spokesperson for Vice-President Kashim Shettima.
On Monday, Ms. Nisha Biswal, Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, provided these details during a US-Nigeria Executive Business Roundtable organized by the US Chamber of Commerce, coinciding with the ongoing 79th Session of the United Nations.
She noted that the chamber plans to allocate $200 million from its $1 billion portfolio specifically for mortgage refinancing in Nigeria.
She said, “Additionally, the sum of $100 million has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women’s empowerment.
“The US Chamber of Commerce also announced that $20 million has been approved for a firm, Robust International, for cashew nut processing in Nigeria.”
Biswal highlighted the American Chamber's dedication to collaborating with Nigerians to create and implement sustainable economic policies.
In turn, Vice-President Shettima, who is heading the Nigerian delegation at the current United Nations General Assembly, reaffirmed President Bola Tinubu’s pledge to foster investor-friendly policies.
He stated, “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.
“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.”
The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, provided the Vice-President with an overview of the delegation's schedule and activities in New York.
Tuggar indicated that the Vice-President is set to present President Tinubu’s national statement during the General Debate of the UN General Assembly. Additionally, he mentioned that Shettima would have a meeting with the Secretary-General of the United Nations.