US chamber pledges $320m to boost Nigeria’s mortgage financing,SMEs 

Joy Agwunobi

The United States Chamber of Commerce has committed approximately $320 million to support mortgage financing and Small and Medium-sized Enterprises (SMEs) in Nigeria. This development was one of the key outcomes of Nigeria’s participation at the ongoing 79th Session of the United Nations General Assembly (UNGA).

Leading Nigeria’s delegation to the UNGA, Vice President Kashim Shettima met with other representatives to strategise on the country’s engagements in New York. During a US-Nigeria executive business roundtable hosted by the US Chamber of Commerce, Nisha Biswal, a representative from the American International Development Finance Corporation, announced the chamber’s decision to invest $200 million in mortgage refinancing in Nigeria, this is part of a broader $1 billion portfolio.

In addition, Biswal disclosed that $100 million has been allocated to First City Monument Bank (FCMB) for SME financing, with a particular focus on empowering women entrepreneurs.

Another $20 million has been earmarked for Robust International, a firm involved in cashew nut processing in Nigeria. She further emphasised the US Chamber of Commerce’s dedication to working alongside Nigerians to promote sustainable economic growth.

Vice President Shettima, responding to the Chamber’s commitments, reaffirmed President Bola Tinubu’s dedication to creating an investor-friendly environment in Nigeria. He urged investors to trust the administration’s economic reforms, highlighting the swift removal of fuel subsidies and the unification of foreign exchange markets as examples of the President’s  proactive approach.

Yusuf Tuggar, the minister of foreign affairs  also briefed the vice president on Nigeria’s schedule at the UNGA, noting that Shettima would be delivering  Tinubu’s national statement at the general debate.

Shettima is also set to meet with the UN Secretary-General and engage with various world leaders, including heads of African, Caribbean, and Pacific States, as well as high-profile figures like Ngozi Okonjo-Iweala,the director-general of the World Trade Organisation,

Additionally, meetings with the Bill and Melinda Gates Foundation and other international partners are part of the vice president’s itinerary. Key Nigerian officials accompanying Shettima include   Bosun Tijani, the minister of communications, innovation & digital economy; Uju Kennedy-Ohanenye, minister of women affairs; Uche Geoffrey Nnaji, minister of innovation, science and technology; and Muhammad Ali Pate, coordinating minister of Health and Social Welfare, among others.