Nigeria Secures $320m Investment At Shettima’s First UNGA Engagement

Nigeria’s participation at the 79th United Nations General Assembly (UNGA) started on a high note as the country secured a $320m investment commitment from the United States Chamber of Commerce at Vice President Kashim Shettima’s first engagement.

At a US-Nigeria executive business roundtable hosted by the US Chamber of Commerce, Nisha Biswal of the American International Development Finance Corporation, announced a $200m investment in mortgage refinancing for Nigeria.

Additionally, $100m was approved for FCMB to finance small and medium enterprises (SMEs) while $20m was for Robust International, a midscale agri-commodity trader in the country, for processing of cashew nuts in the country.

Vice President Shettima, standing in for President Bola Tinubu, pitched Nigeria as an investor-friendly destination.

Stanley Nkwocha, the VP’s spokesman, quoted Biswal as saying the chamber remains committed to working with Nigeria in the development and pursuit of sustainable economic policies.

In response, Shettima said: “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.”

Nigerian officials at the meeting included the Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani; Minister of Women Affairs, Uju Kennedy-Ohanenye; Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji; Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, and Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite.

Others are Minister of Solid Mineral Development, Dele Alake; Minister of State for Environment, Dr. Iziaq Kunle Salako; Minister of Defence, Alhaji Mohammed Badaru Abubakar and Director-General of the National Intelligence Agency, Mohammed Mohammed, among many others.

Shettima’s engagements at UNGA79 include delivering President Tinubu’s national statement at the General Debate of the UN General Assembly and meetings with various international leaders and organisations.

These include the UN Secretary-General, heads of state, the President of the World Trade Organization, and representatives from multinational companies and foundations, including the Bill and Melinda Gates Foundation.