New York, NY – In a significant boost to Nigeria’s economy, the U.S. Chamber of Commerce announced a commitment of $320 million to support mortgage financing and Small and Medium-sized Enterprises (SMEs) in Nigeria. The pledge, made during the 79th session of the United Nations General Assembly (UNGA), marks one of the key outcomes of Nigeria’s participation in the ongoing global event.
The investment was unveiled at the U.S.-Nigeria Executive Business Roundtable, an event hosted by the U.S. Chamber of Commerce in New York. Representing Nigeria at the forum was Vice President Kashim Shettima, who is leading the federal delegation on behalf of President Bola Ahmed Tinubu.
Nisha Biswal, a representative of the U.S. International Development Finance Corporation (DFC), announced the breakdown of the $320 million investment. According to Biswal, the DFC will contribute $200 million to mortgage refinancing in Nigeria, aimed at bolstering the housing sector. Additionally, $100 million has been earmarked for First City Monument Bank (FCMB) to finance SMEs, with a particular focus on empowering women entrepreneurs.
Furthermore, an additional $20 million investment has been approved for Robust International, a Nigerian-based company, to enhance cashew nut processing operations. This will further diversify Nigeria’s agricultural sector and promote the processing of local produce.
During his address at the roundtable, Vice President Shettima expressed gratitude to the U.S. Chamber of Commerce for its support. He emphasized President Tinubu’s commitment to implementing policies that foster an investor-friendly environment in Nigeria. Shettima highlighted the government’s bold moves to end fuel subsidies and unify the foreign exchange market as key steps toward economic reform.
“I urge you to give Nigeria the benefit of the doubt,” Shettima said. “The current administration led by President Bola Ahmed Tinubu is the most investor-friendly administration in the history of Nigeria. We are committed to sustainable economic policies that will attract global investment and create prosperity for Nigerians.”
Nigeria’s UNGA Strategy and Engagements
Earlier in the day, Nigeria’s Foreign Affairs Minister, Ambassador Yusuf Tuggar, briefed Vice President Shettima on the various activities lined up for Nigeria’s delegation at the UNGA. Key among these is Shettima’s delivery of President Tinubu’s national statement during the General Debate.
Shettima is also set to meet with the United Nations Secretary-General and engage in bilateral discussions with other world leaders. Notable figures expected to meet the Nigerian delegation include the President of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, the Director-General of the International Atomic Energy Agency, and heads of multinational corporations.
Additionally, the Vice President will hold discussions with the Bill and Melinda Gates Foundation and other international partners, seeking collaboration on health, technology, and economic development initiatives for Nigeria.
Key Nigerian Delegates at the UNGA
Joining the Vice President in New York are several top Nigerian officials, including the Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani; the Minister of Women Affairs, Uju Kennedy-Ohanenye; and the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite. Other delegates include the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate; the Minister of Solid Mineral Development, Dele Alake; and Minister of State for Environment, Dr. Iziaq Kunle Salako.
The U.S. commitment to Nigeria at this year’s UNGA signals a strengthening of economic ties between the two nations, with a shared focus on housing, SMEs, and agricultural development. As Vice President Shettima leads Nigeria’s engagements in New York, the prospects for future collaboration and investment look promising for the West African nation.
