The United States Chamber of Commerce has announced its intention to invest approximately $320 million in mortgage refinancing and support for small and medium enterprises (SMEs) in Nigeria.
This was revealed by Mr. Stanley Nkwocha, spokesperson for Vice-President Kashim Shettima, during a statement made at a US-Nigeria Executive Business Roundtable held as part of the ongoing 79th Session of the United Nations.
Ms. Nisha Biswal, Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, confirmed this investment on Monday.
She outlined that the Chamber plans to allocate $200 million specifically for mortgage refinancing initiatives in Nigeria. Additionally, $100 million is earmarked for First City Monument Bank (FCMB) to finance SMEs, with a particular focus on empowering women entrepreneurs.
Furthermore, Biswal announced that $20 million has been approved for Robust International to enhance cashew nut processing operations in Nigeria.
Biswal emphasized the Chamber's commitment to collaborating with Nigerian stakeholders to foster sustainable economic policies.
In response, Vice-President Shettima, who is leading Nigeria's delegation at the UN General Assembly, reiterated President Bola Tinubu’s dedication to creating an investor-friendly environment in Nigeria. He urged potential investors to consider the current administration as the most conducive for business in Nigeria's history.
Shettima pointed out significant reforms undertaken by President Tinubu's administration, including the removal of fuel subsidies and the unification of foreign exchange markets, which he believes will enhance Nigeria's attractiveness to investors.
In related developments, Minister of Foreign Affairs Amb. Yusuf Tuggar briefed Shettima on the delegation's activities in New York and highlighted that the Vice-President is expected to deliver President Tinubu’s national statement during the UN General Debate.
