The United States Chamber of Commerce has pledged to invest a whopping $320 million in Nigeria’s mortgage refinancing and Small and Medium Enterprises (SMEs). This exciting news was announced by Nisha Biswal, Deputy CEO of the U.S. International Development Finance Corporation, at the US-Nigeria Executive Business Roundtable during the ongoing 79th United Nations General Assembly ¹.
Here’s the breakdown of the investment:
- Mortgage Refinancing: $200 million to support Nigeria’s housing sector ¹
- SME Financing: $100 million for FCMB to empower women and boost small businesses ¹
- Cashew Nut Processing: $20 million for Robust International to enhance Nigeria’s agricultural sector ¹
Vice President Kashim Shettima welcomed this investment, assuring that President Bola Tinubu’s administration is committed to investor-friendly policies. He highlighted the government’s decisive actions, such as removing fuel subsidies and unifying foreign exchange markets, to create a favorable business environment [1).
This partnership is expected to contribute significantly to Nigeria’s economic growth and development. With the US Chamber of Commerce’s $1 billion portfolio, this investment is just the beginning of a fruitful collaboration ¹.
