U.S. commits $320m in mortgage, SMEs in Nigeria

The United States Chamber of Commerce has expressed willingness to invest about $320 million in mortgage refinancing and small and medium enterprises in Nigeria. The office of the vice-president announced this in a statement. Nisha Biswal, the deputy CEO of the U.S. International Development Finance Corporation, said this on Monday. Ms Biswal spoke at a U.S.-Nigeria Executive Business Roundtable hosted by the U.S. Chamber of Commerce as part of activities at the ongoing 79th Session of the United Nations. She explained that with a portfolio of $1 billion, the chamber would invest $200 million in mortgage refinancing in Nigeria. 

“Also, the sum of $100 million has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women empowerment. The U.S. Chamber of Commerce also announced that $20 million has been approved for a firm, Robust International, for processing of cashew nuts in Nigeria,” she stated. Ms Biswal emphasised that the American Chamber remained committed to working with Nigerians to develop and pursue sustainable economic policies. Responding, Vice-President Kashim Shettima, who is leading the Nigerian delegation at the ongoing United Nations General Assembly, reiterated President Bola Tinubu’s commitment to investor-friendly policies. Mr Shettima said, ”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 the history of Nigeria.

“When fuel subsidy was an albatross around Nigeria’s neck, President Tinubu, from day one, hit the ground running by withdrawing the fuel subsidy and unifying the multiple opaque foreign exchange markets.” Foreign affairs minister Yusuf Tuggar led other members of the delegation to brief the vice-president on the activities and itinerary lined up for him in New York. Mr Tuggar, while outlining the programmes and activities, said the vice-president was expected to deliver Mr Tinubu’s national statement at the general debate of the UNGA. He added that apart from Mr Tinubu’s national statement delivery, Mr Shettima is also expected to meet with the United Nations secretary general. (NAN)