UNGA: US commits $320m to mortgages, SMEs in Nigeria

The United States Chamber of Commerce has expressed willingness to invest approximately $320 million in mortgage refinancing and Small and Medium Enterprises in Nigeria.

This was disclosed in a statement issued by the spokesperson for Vice-President Kashim Shettima, Mr Stanley Nkwocha.

Ms Nisha Biswal, Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, made this known on Monday.

The News Agency of Nigeria reports that Biswal spoke at a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce, as part of the ongoing 79th Session of the United Nations.

She explained that, with a portfolio of one billion dollars, the chamber would invest $200 million in 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 emphasised that the American Chamber remains committed to working with Nigerians in developing and pursuing sustainable economic policies.

In response, Vice-President Shettima, who is leading the Nigerian delegation at the ongoing United Nations General Assembly, reiterated President Bola Tinubu’s commitment to 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.”

Earlier, the Minister of Foreign Affairs, Amb. Yusuf Tuggar briefed the Vice-President on the delegation’s activities and itinerary in New York.

Tuggar explained that the Vice-President was expected to deliver President Tinubu’s national statement at the General Debate of the UNGA.

He added that, besides delivering the national statement, Shettima would also meet with the Secretary-General of the United Nations.