The U.S. Chamber of Commerce has supported President Bola Ahmed Tinubu-led administration with approximately $320 million aimed at mortgage refinancing and women’s empowerment.
This announcement was made during a U.S.-Nigeria Executive Business Roundtable held in New York, with Vice President Kashim Shettima, representing Nigeria at the United Nations General Assembly (UNGA), leading the delegation.
Nisha Biswal of the American International Development Finance Corporation revealed that the U.S. Chamber has allocated $200 million toward mortgage refinancing in Nigeria, as part of its $1 billion portfolio.
Additionally, $100 million is being provided to First City Monument Bank (FCMB) to support small and medium enterprises (SMEs) in Nigeria, with a focus on empowering women. Another $20 million has been designated for Robust International, a firm involved in cashew nut processing in Nigeria.
Biswal emphasized the U.S. Chamber’s dedication to partnering with Nigeria on sustainable economic policies. In response, Vice President Shettima thanked the group and reaffirmed President Tinubu’s commitment to creating investor-friendly policies, highlighting the administration’s decisive actions, such as the removal of the fuel subsidy and unification of exchange rates.
In preparation for Nigeria’s engagements at the UNGA, Minister of Foreign Affairs Yusuf Tuggar briefed Vice President Shettima on his itinerary, which includes delivering President Tinubu’s national statement, meeting with the UN Secretary-General, and holding discussions with key international leaders and organizations such as the WTO, the International Atomic Energy Agency, and the Bill and Melinda Gates Foundation.
The Nigerian delegation features prominent officials, including ministers from various sectors, signaling the administration’s robust approach to international collaboration and development efforts.
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