US Chamber of Commerce approves $320 million for mortgage refinancing, SMEs, cashew nut processing in Nigeria 

The United States Chamber of Commerce has approved a commitment of $320 million towards mortgage refinancing and financing for Small and Medium Enterprises (SMEs) in Nigeria.

This announcement was made via the X page of Nigeria’s Vice President, Kashim Shettima, on Tuesday, September 24, 2024.

Kashim Shettima, who is currently in the United States for the 79th Session of the ongoing United Nations General Assembly, assured partners of President Bola Tinubu’s dedication to making Nigeria an investor-friendly nation.

According to the presidency, Tinubu’s commitment to mortgage refinancing and women empowerment received the support of the United States Chamber of Commerce, which committed about $320 million.

“At a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce, Nisha Biswal of the @DFCgov announced that with a portfolio of $1 billion, it was investing $200 million in mortgage refinancing in Nigeria. 

“The sum of $100 million has been earmarked for @MyFCMB to finance SMEs in Nigeria, with particular emphasis on women empowerment,” the tweet reads.

The US Chamber of Commerce also announced that $20 million was approved for Robust International for the processing of cashew nuts in Nigeria.

Biswal was quoted as saying that the American Chamber remains committed to working with Nigerians in the development and pursuit of sustainable economic policies.

Shettima appreciated the gesture and assured that Tinubu is committed to investor-friendly policies.

He stated, “I urge you to give Nigeria the benefit of the doubt. The current administration led by President @officialABAT is the most investor-friendly administration in the history of Nigeria. When the fuel subsidy was an albatross around Nigeria’s neck, President @officialABAT, from day one, hit the ground running by withdrawing the fuel subsidy and unifying the multiple opaque foreign exchange markets.” 

The Vice President is expected to deliver President Tinubu’s national statement at the General Debate of the UN General Assembly.

He will have bilateral and business sessions with relevant stakeholders.

He is also expected to meet with the Secretary-General of the United Nations, several heads of state, heads of the African, Caribbean, and Pacific States, the President of the World Trade Organization (@wto), Dr. Ngozi Iweala, the Director-General of the International Atomic Energy Agency, multinational companies, as well as the Bill and Melinda Gates Foundation and several other international partners.

Tinubu did not physically attend this year’s UNGA.

According to the presidency, the president’s decision was based on the unfortunate developments associated with the flooding in Borno State.

These developments have drawn sympathy from both the government and international partners due to the loss of lives and destruction of property in the state.