Nigeria has recorded a major success at the ongoing 79th United Nations General Assembly (UNGA), securing a commitment of $320 million from the United States Chamber of Commerce to support mortgage refinancing and women empowerment.
This development was revealed at a US-Nigeria Executive Business Roundtable hosted by the U.S. Chamber of Commerce in New York.
Nisha Biswal of the U.S. International Development Finance Corporation (DFC) announced that the organization would invest $200 million in mortgage refinancing in Nigeria, with a broader portfolio of $1 billion.
Additionally, $100 million has been earmarked for FCMB to support small and medium enterprises (SMEs), particularly focusing on empowering women. A further $20 million was committed to Robust International for cashew nut processing in Nigeria, highlighting the growing interest in Nigeria’s agricultural sector.
Biswal reiterated the U.S. Chamber’s dedication to collaborating with Nigeria in driving sustainable economic policies.
Appreciating the U.S. Chamber’s investment commitment, Vice President Kashim Shettima, who is leading Nigeria’s delegation to the UNGA and representing President Bola Tinubu, emphasized that the current administration is committed to fostering a favorable investment climate.
He highlighted President Tinubu’s prompt action in removing the fuel subsidy and unifying the country’s multiple exchange rates as crucial steps in positioning Nigeria as an investor-friendly nation.
Earlier, Nigeria’s Foreign Minister, Ambassador Yusuf Tuggar, briefed the Vice President and other delegation members on the key events and engagements scheduled for New York. Vice President Shettima is expected to deliver President Tinubu’s national statement during the General Debate of the UNGA.
Shettima will also engage in high-level meetings with prominent international figures, including the United Nations Secretary-General, the President of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, and the Director-General of the International Atomic Energy Agency. Additionally, he is set to meet with the heads of multinational companies and partners such as the Bill and Melinda Gates Foundation.
This series of meetings underscores Nigeria’s strategic focus on securing foreign investment and strengthening partnerships to support the country’s economic development goals under the Tinubu administration.
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