Nigeria has secured $320 million at the 79th United Nations General Assembly to boost mortgage financing, small and medium-sized enterprises (SMEs), and other critical sectors.
The $320 million was pledged by the US Chamber of Commerce at a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce.
Nisha Biswal of the American International Development Finance Corporation stated that the organisation was investing $200 million in mortgage refinancing in Nigeria from its $1 billion portfolio.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, made this known in a statement.
The sum of $100 million has been set aside for FCMB to finance SMEs in Nigeria, with a focus on female empowerment.
The US Chamber of Commerce also announced that $20 million has been approved for Robust International to process cashew nuts in Nigeria.
Biswal stated that the American Chamber was dedicated to collaborating with Nigerians in the creation and implementation of sustainable economic policies.
Vice President Shettima appreciated the group’s generosity and emphasised President Tinubu’s commitment to investor-friendly policies.
He stated:
“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. 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.”
