The United States Chamber of Commerce has committed $320 million toward mortgage refinancing and SME financing in Nigeria, marking a significant boost for the country’s housing and business sectors.
This announcement was made during the US-Nigeria Executive Business Roundtable, part of Nigeria’s Vice President Kashim Shettima’s engagement at the 79th Session of the United Nations General Assembly in New York.
Of the total sum, $200 million is earmarked for mortgage refinancing, while $100 million has been allocated to First City Monument Bank (FCMB) for the financing of Small and Medium Enterprises (SMEs), with a particular focus on empowering women entrepreneurs.
Additionally, $20 million will support Robust International in the processing of cashew nuts in Nigeria, reflecting the US Chamber’s commitment to supporting Nigeria’s agricultural and SME sectors.
At the roundtable, Nisha Biswal, representing the US Development Finance Corporation (DFC), emphasized the Chamber’s long-term partnership with Nigeria in promoting sustainable economic policies. Vice President Shettima, on behalf of President Bola Tinubu, expressed gratitude for the support, reaffirming the administration’s dedication to fostering investor-friendly policies.
Shettima highlighted the government’s recent reforms, such as fuel subsidy removal and the unification of foreign exchange markets, as evidence of Nigeria’s commitment to economic stability and investor confidence.
(Business Day)