US Chamber Commits $320M to Boost Mortgage Financing, SMEs in Nigeria at 79th UNGA

The US Chamber of Commerce has pledged to invest $320 million in Nigeria to support mortgage refinancing and small and medium-sized enterprises (SMEs). 

This announcement came as Vice President Kashim Shettima, representing President Bola Tinubu, led Nigeria’s delegation at the ongoing 79th session of the United Nations General Assembly (UNGA).

At a US-Nigeria Executive Business Roundtable organised by the US Chamber of Commerce, Nisha Biswal, a representative of the U.S. International Development Finance Corporation (DFC), revealed the commitment.

Of the total investment, $200 million will be allocated to mortgage refinancing in Nigeria, while $100 million will be directed towards SME financing, with a focus on women’s empowerment.

Added to this, $20 million has been earmarked for Robust International, a company involved in cashew nut processing in Nigeria.

Biswal noted the American Chamber’s focus on facilitating sustainable economic policies in Nigeria. Shettima, in response, reiterated President Tinubu’s dedication to creating an investor-friendly environment in Nigeria.

He emphasised the administration’s early reforms, particularly the removal of the fuel subsidy and the unification of the exchange rate, which aimed to stabilise Nigeria’s economy and attract foreign investment.

Shettima’s participation at the UNGA highlights Nigeria’s efforts to engage global leaders and investors. During the session, he will deliver President Tinubu’s national address and hold several high-level meetings.

These include talks with the UN Secretary-General, leaders from the African, Caribbean, and Pacific States, as well as discussions with the heads of major multinational corporations. The Vice President’s itinerary also includes a meeting with the Bill and Melinda Gates Foundation to explore potential partnerships.

The Vice President is supported by a solid Nigerian delegation, including key ministers from health, women affairs, trade, and technology sectors, all aiming to strengthen international collaboration and secure more investments for Nigeria.

President Tinubu, meanwhile, chose not to attend this year’s UNGA due to the flooding in Borno State, which has caused loss of life and property. His absence has drawn sympathy and support from international stakeholders, who are closely monitoring the situation.