US Chamber Of Commerce Pledges $320 Million For Nigerian Mortgage Financing, SME Support

The United States Chamber of Commerce on Monday committed $320 million to support mortgage financing alongside Small and Medium Enterprises (SMEs) in Nigeria.

American International Development Finance Corporation's Nisha Biswal announced a $200 million investment in mortgage refinancing in Nigeria as part of their $1 billion portfolio during a U.S.-Nigeria Executive Business Roundtable organized by the Chamber of Commerce.

Furthermore, $100 million has been set aside for FCMB to help finance SMEs with a special focus on empowering women.

The U.S. Chamber of Commerce also announced that $20 million has been approved for a company called Robust International to process cashew nuts in Nigeria. Biswal noted that the American Chamber was dedicated to collaborating with Nigerians to develop and support sustainable economic policies.

Vice President Kashim Shettima, who was representing President Bola Tinubu at the 79th UNGA, told the roundtable, "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," as per official X handle.

He added, "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."

Nigeria's Minister of Foreign Affairs Ambassador Yusuf Tuggar, and other officials met with the vice president to update him on his planned activities in New York.

The minister mentioned that the vice president will deliver Tinubu's national statement during the General Debate at the UN General Assembly. In addition to delivering the statement, Shettima was also scheduled to meet with the Secretary-General of the United Nations.

The vice president will also meet the Bill and Melinda Gates Foundation members and several other international partners.

Last week, during the Halal Economy Stakeholders Engagement Program in Abuja, Shettima said that Nigeria could become the top global hub for economic opportunities in the halal investment sector, which was expected to be worth $7.7 trillion by 2025.

The vice president emphasized that Nigeria needed to address its weaknesses and focus on its strengths to reach this economic goal.