The United States Chamber of Commerce has announced a significant investment in Nigeria’s economy, committing approximately $320 million to the country’s mortgage refinancing and Small and Medium Enterprises sector.
The pledge was made during the US-Nigeria Executive Business Roundtable, held on the sidelines of the 79th United Nations General Assembly.
According to Nisha Biswal, Deputy CEO of the U.S. International Development Finance Corporation, the investment will be allocated across various sectors, with $200 million earmarked for mortgage refinancing and $100 million for SME financing through FCMB, focusing on women’s empowerment, according to Politics Nigeria.
“The US Chamber is proud to allocate $100 million to FCMB for SME financing, with a special focus on advancing women’s participation,” Biswal stated.
An additional $20 million will be invested in Robust International, a Nigerian cashew nut processing firm, to boost agricultural processing.
Nigeria’s Vice President, Kashim Shettima, welcomed the investment, citing President Bola Tinubu’s administration as the most investor-friendly in Nigeria’s history.
“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,” Shettima said
Foreign Minister Amb. Yusuf Tuggar briefed Shettima on Nigeria’s engagements in New York, including meetings with the UN Secretary-General and a national address by Shettima on behalf of President Tinubu.
The investment is expected to contribute to Nigeria’s economic development and strengthen bilateral relations between the US and Nigeria.
