The United States Chamber of Commerce has pledged an investment of $320 million in mortgage refinancing and Small and Medium Enterprises in Nigeria.
The pledge, which was made on Monday by the Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, Ms Nisha Biswal, at the ongoing 79th Session of the United Nations (UNGA79), was confirmed in a statement issued by the spokesperson for Vice-President Kashim Shettima, Stanley Nkwocha.
Ms Biswal who spoke at a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce, as part of the UNGA79, explained that with a portfolio of $1billion, the chamber would invest $200 million in mortgage refinancing in Nigeria.
“Additionally, the sum of $100 million has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women’s empowerment,” she said.
“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 added that the American Chamber remains committed to working with Nigerians in developing and pursuing sustainable economic policies.
Shettima who is representing President Bola Tinubu at the Summit, reiterated Nigeria’s Bola commitment to investor-friendly policies.
“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,” he posited.
Minister of Foreign Affairs, Amb. Yusuf Tuggar who is also part of Nigeria’s delegation, had earlier briefed the Vice-President on the delegation’s activities and itinerary in New York.