The United States Chamber of Commerce has announced plans to invest around $320 million in Nigeria, targeting mortgage refinancing and support for small and medium enterprises (SMEs). This significant commitment was revealed by Mr. Stanley Nkwocha, the spokesperson for Vice-President Kashim Shettima, during the ongoing 79th Session of the United Nations.
Ms. Nisha Biswal, the Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, made the announcement at the US-Nigeria Executive Business Roundtable, hosted by the Chamber of Commerce. Biswal highlighted that the investment would include $200 million specifically allocated for mortgage refinancing in Nigeria, as part of a broader portfolio of $1 billion.
In addition, Biswal noted that $100 million has been earmarked for First City Monument Bank (FCMB) to finance SMEs, with a focus on empowering women entrepreneurs. Furthermore, the Chamber has approved $20 million for Robust International to enhance cashew nut processing capabilities in Nigeria. Biswal reaffirmed the Chamber’s commitment to collaborating with Nigerian stakeholders to develop sustainable economic policies.
Vice-President Shettima, leading the Nigerian delegation at the UN General Assembly, responded positively to the investment news. He emphasized President Bola Tinubu’s dedication to fostering investor-friendly policies and encouraged potential investors to consider Nigeria’s current administration as the most receptive to foreign investment in the country’s history. Earlier, the Minister of Foreign Affairs, Amb. Yusuf Tuggar, updated Shettima on the delegation’s activities and the Vice-President’s role in delivering the national statement at the UN General Debate.
