79th UNGA: US Chamber Pledges $320m for Mortgage Financing, SMEs, and Cashew Processing in Nigeria

By Hauwa Adamu sani Last updated Sep 24, 2024

79th UNGA: US Chamber Pledges $320m for Mortgage Financing, SMEs, and Cashew Processing in Nigeria

In a significant boost to Nigeria’s economic agenda, the United States Chamber of Commerce has committed $320 million towards mortgage refinancing, SME support, and cashew processing in Nigeria during the 79th United Nations General Assembly (UNGA) session.

This funding underscores the Tinubu administration’s focus on fostering an investor-friendly environment.

Announced at a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce, Nisha Biswal of the American International Development Finance Corporation revealed a $200 million investment in Nigeria’s mortgage refinancing sector from a $1 billion portfolio.

Additionally, $100 million is allocated for SME financing through FCMB, with a focus on women empowerment, and another $20 million is committed to Robust International for cashew nut processing in Nigeria.

Vice President Kashim Shettima, representing President Bola Ahmed Tinubu at the UNGA, welcomed this development, reiterating the administration’s dedication to creating an investor-friendly nation. He emphasized the government’s efforts in implementing critical economic reforms, such as the removal of fuel subsidies and the unification of foreign exchange markets.

Nigeria’s delegation, led by Vice President Shettima, is engaged in various strategic meetings, including sessions with UN Secretary-General António Guterres, WTO President Dr. Ngozi Okonjo-Iweala, and key international partners like the Bill and Melinda Gates Foundation. The Vice President is also set to deliver President Tinubu’s national statement during the General Debate of the UN General Assembly.

Top officials accompanying the Vice President include Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani; Minister of Women Affairs, Uju Kennedy-Ohanenye; and Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite, among others, highlighting the high-level engagement of Nigeria’s participation at the UNGA.