By Enyichukwu Enemanna
The US Chamber of Commerce has pledged $320 million to support Nigeria’s mortgage financing, small and medium enterprises (SMEs), and other key sectors at the ongoing 79th United Nations General Assembly, a significant achievement for the South African country in quest for Foreign Direct Investment (FDI).
At a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce, Nisha Biswal of the American International Development Finance Corporation announced that with a portfolio of $1 billion, it was investing $200 million in mortgage refinancing in Nigeria, a release from the Office of the Vice President, Kashim Shettima who is leading Nigerian delegation said.
The sum of $100 million has been earmarked for a leading commercial bank in the country, First City Monument Bank (FCMB) to finance SMEs in Nigeria, with particular interest in women empowerment, the statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha stated.
The US Chamber of Commerce also announced that $20 million has been approved for a firm to drive the processing of cashew nuts in Nigeria.
Biswal added that American Chamber remains committed to working with Nigerians in the development and pursuit of sustainable economic policies.
Appreciating the gesture of the group, Vice President Kashim Shettima reiterated 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.”
Vice President Shettima during the UNGA 79 is also expected to meet with the Secretary General of the United Nations, Antonio Guterres and several heads of states.
