At the 79th United Nations General Assembly (UNGA) session, the United States Chamber of Commerce committed $320 million in investments towards mortgage refinancing and Small and Medium-sized Enterprises (SMEs) in Nigeria.
This pledge marked a significant achievement for Nigeria’s engagement at the global event.
Vice President Kashim Shettima, representing President Bola Tinubu and leading the Nigerian delegation, participated in a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce.
During the meeting, Nisha Biswal from the American International Development Finance Corporation (DFC) revealed that the organization had allocated $200 million for mortgage refinancing in Nigeria, as part of its $1 billion investment portfolio.
In addition, $100 million was designated for FCMB to support SMEs in Nigeria, with a particular focus on empowering women entrepreneurs.
Another $20 million was directed toward Robust International, a Nigerian firm specializing in cashew nut processing.
Biswal reaffirmed the American Chamber’s dedication to collaborating with Nigeria on sustainable economic development initiatives.
In response, Vice President Shettima expressed gratitude for the investment and reiterated President Tinubu’s focus on creating an investor-friendly environment.
He emphasized the administration’s commitment to bold economic reforms, including the removal of fuel subsidies and the unification of foreign exchange rates.
“I urge you to give Nigeria the benefit of the doubt. The current administration led by President Bola Ahmed 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,” Shettima remarked.
Earlier that day, Nigeria’s Foreign Affairs Minister, Ambassador Yusuf Tuggar, provided an overview of the Vice President’s agenda during the UNGA.
The Vice President is set to deliver Nigeria’s national statement and meet with key global leaders, including the UN Secretary-General, the President of the World Trade Organization, Dr. Ngozi Okonjo-Iweala, and representatives from multinational corporations.
Shettima’s itinerary also includes meetings with the Bill and Melinda Gates Foundation and several international organizations.
High-level officials from Nigeria’s government, such as Ministers of Communications, Innovation, Health, Trade, Solid Minerals, and Defence, are accompanying the Vice President on this critical diplomatic engagement.
