At the 79th United Nations General Assembly (UNGA), the U.S. Chamber of Commerce announced a significant $320 million investment in Nigeria’s mortgage refinancing and Small and Medium Enterprises (SMEs) sector.
The commitment was unveiled during the US-Nigeria Executive Business Roundtable held in New York as part of the ongoing UNGA events.
Nisha Biswal, Deputy CEO of the U.S. International Development Finance Corporation, confirmed that $200 million will be allocated for mortgage refinancing in Nigeria, while $100 million will be directed to FCMB for SME development, with a particular focus on empowering women entrepreneurs.
“The US Chamber is pleased to allocate $100 million to FCMB for SME financing, with a strong emphasis on advancing women’s participation,” Biswal stated.
Additionally, the U.S. Chamber announced a $20 million investment in Robust International, a Nigerian cashew nut processing company, to enhance agricultural processing in the country.
Nigeria’s Vice President, Kashim Shettima, who led the nation’s delegation to the UNGA, reassured investors of Nigeria’s favorable business environment under President Bola Tinubu’s administration.
He pointed to reforms such as the removal of fuel subsidies and the unification of foreign exchange markets as key efforts to stimulate economic growth.
Foreign Minister Amb. Yusuf Tuggar also briefed Vice President Shettima on Nigeria’s upcoming engagements in New York, including a meeting with the UN Secretary-General and a national address on behalf of President Tinubu.
