The United States Chamber of Commerce has pledged $320 million in support of mortgage refinancing, Small and Medium Enterprises (SMEs), and cashew nut processing in Nigeria. This development was announced on the X platform by Nigeria’s Vice President, Kashim Shettima, during his visit to the United States for the 79th Session of the United Nations General Assembly (UNGA).
Vice President Shettima highlighted President Bola Ahmed Tinubu’s dedication to fostering an investor-friendly environment in Nigeria. He assured international partners of the administration’s commitment to implementing reforms that promote economic growth and sustainable development.
According to a statement from the presidency, the funding commitment underscores Tinubu’s emphasis on key economic priorities, including mortgage refinancing and women empowerment. The US Chamber of Commerce, through Nisha Biswal of the U.S. International Development Finance Corporation (DFC), confirmed that $320 million would be allocated as follows:
$200 million for mortgage refinancing in Nigeria.
$100 million through First City Monument Bank (FCMB) to support SMEs, with a focus on empowering women entrepreneurs.
$20 million to Robust International for the processing of cashew nuts in Nigeria.
With a portfolio of $1 billion in Nigeria, Biswal reiterated the U.S. Chamber’s commitment to collaborating with Nigeria to develop sustainable economic policies and strengthen bilateral trade relations.
Vice President Shettima expressed gratitude for the gesture, emphasizing the determination of President Tinubu’s administration to deliver on its economic promises.
“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 Nigeria’s history. From day one, President Tinubu took bold steps to address critical economic challenges, such as removing the fuel subsidy and unifying Nigeria’s multiple foreign exchange markets,” Shettima stated.
The investment marks a significant milestone in U.S.-Nigeria relations, with the potential to drive growth in critical sectors of the Nigerian economy.
