In a significant move that underscores the strengthening ties between the United States and Nigeria, the U.S. Chamber of Commerce has pledged a remarkable $320 million to bolster mortgage financing and support small and medium-sized enterprises (SMEs) in Nigeria. This commitment emerged during the ongoing 79th Session of the United Nations General Assembly (UNGA) in New York, where Nigeria is actively showcasing its investment potential on a global stage.
Leading Nigeria’s delegation at this prestigious gathering, Vice President Kashim Shettima expressed optimism about the investment opportunities in Nigeria. At a notable US-Nigeria Executive Business Roundtable, Nisha Biswal from the American International Development Finance Corporation announced that, within a larger portfolio of $1 billion, $200 million would be dedicated to mortgage refinancing specifically for Nigeria. Additionally, $100 million has been set aside for First City Monument Bank (FCMB) to finance SMEs, with a particular emphasis on empowering women entrepreneurs—a critical initiative aimed at fostering inclusive economic growth.
The U.S. Chamber of Commerce’s commitment extends further, with a dedicated $20 million investment approved for Robust International, aimed at enhancing cashew nut processing in Nigeria. This investment is not only a boon for the agricultural sector but also signifies the U.S. Chamber’s commitment to sustainable economic development in the region.
In his remarks, Vice President Shettima commended this generous gesture and reiterated President Bola Ahmed Tinubu’s vision of creating a highly investor-friendly environment in Nigeria. He urged international partners to view Nigeria through a lens of potential and opportunity. “The current administration is the most investor-friendly in Nigeria’s history,” he stated, highlighting recent reforms such as the withdrawal of the fuel subsidy and the unification of foreign exchange markets. These steps are aimed at creating a more transparent and efficient economic landscape, encouraging both local and foreign investments.
On the sidelines of the UNGA, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, briefed Vice President Shettima on the extensive itinerary planned for the delegation. Shettima is set to deliver President Tinubu’s national statement at the General Debate of the UN General Assembly, emphasizing Nigeria’s strategic priorities and vision for the future.
In addition to addressing the assembly, the Vice President is scheduled to engage with various global leaders, including a meeting with the Secretary-General of the United Nations and heads of state from the African, Caribbean, and Pacific States. He will also meet with Dr. Ngozi Okonjo-Iweala, President of the World Trade Organization, and representatives from the Bill and Melinda Gates Foundation, among others.
This high-profile engagement not only elevates Nigeria’s profile on the international stage but also reflects the country’s commitment to fostering partnerships that can drive economic growth and development. The presence of key ministers from various sectors, including Communications, Women Affairs, Innovation, Health, and Trade, underscores the holistic approach the Nigerian government is taking towards economic revitalization.
As Nigeria embarks on this ambitious journey, the commitment from the U.S. Chamber of Commerce stands as a testament to the potential for collaboration and mutual benefit between nations. With a focus on sustainable development, investment in SMEs, and empowering women, Nigeria is poised to reshape its economic landscape and create a brighter future for its citizens.
