Vice President Kashim Shettima announced that the United States Chamber of Commerce has committed $320 million in investments to support mortgage refinancing and the funding of small and medium enterprises (SMEs) in Nigeria.
Mr Shettima shared the news on his X page Tuesday, reaffirming President Bola Tinubu’s commitment to fostering an investor-friendly environment in the country.
Representing President Tinubu at the 79th session of the United Nations General Assembly (UNGA) in the United States, the vice president disclosed that these investment commitments were made during a US-Nigeria executive business roundtable hosted by the US Chamber of Commerce.
He said Nisha Biswal, Deputy CEO of the Development Finance Corporation (DFC)—an organisation with a portfolio of $1 billion—pledged $200 million to support mortgage refinancing in Nigeria.
Additionally, he said $100 million has been allocated to First City Monument Bank (FCMB) to finance SMEs, with a focus on empowering women entrepreneurs.
Mr Shettima added that to further demonstrate investment in Nigeria, the US Chamber of Commerce also approved a $20 million investment for Robust International, a company that will be processing cashew nuts within the country.
He said: “Nigeria’s participation at the 79th Session of the ongoing United Nations General Assembly recorded the first success on Monday, as the President Bola Tinubu administration’s commitment towards mortgage refinancing and women empowerment received the support of the United States Chamber of Commerce with a commitment of about $320 million.
“This is just as Vice President, who is leading the Federal Government delegation and representing President Tinubu at this year’s UNGA, has met with other members of Nigeria’s delegation to strategise on Nigeria’s engagements in New York.”
