The United States has announced its intention to invest approximately $320 million in Nigeria, focusing on mortgage refinancing and the development of Small and Medium Enterprises (SMEs).
This commitment was made by the U.S. Chamber of Commerce during the United Nations General Assembly (UNGA).
A statement from the office of Nigeria’s Vice President, Kashim Shettima, through his spokesperson, Stanley Nkwocha, confirmed the development.
Nisha Biswal, Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, shared the news on Monday, highlighting the U.S.’s ongoing efforts to support economic growth in Nigeria through targeted investments.
The News Agency of Nigeria (NAN) reports Biswal spoke at a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce as part of activities at the ongoing 79th Session of the United Nations.
She explained that with a portfolio of one billion dollars, the chamber would invest 200 million dollars in mortgage refinancing in Nigeria.
” Also the sum of 100 million dollars has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women empowerment.
” The US Chamber of Commerce also announced that 20 million dollars has been approved for a firm, Robust International, for processing of cashew nuts in Nigeria.”
Biswal emphasised that the American Chamber remained committed to working with Nigerians in the development and pursuit of sustainable economic policies.
Responding, Vice-President Shettima, who is leading the Nigerian delegation at the ongoing United Nations General Assembly (UNGA), reiterated President Bola Tinubu’s 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 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 said.
NAN
