Market News

The 79th United Nations General Assembly has yielded a significant breakthrough for Nigeria after the US Chamber of Commerce pledged $320 million to support mortgage financing, small and medium enterprises (SMEs), and other key sectors.

At a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce, Nisha Biswal of the American International Development Finance Corporation announced that with a portfolio of  $1 billion, it was investing $200 million in mortgage refinancing in Nigeria.

These were contained in a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha. 

The sum of $100 million has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women empowerment. 

The US Chamber of Commerce also announced that $20 million has been approved for a firm, Robust International, for processing of cashew nuts in Nigeria.

Appreciating the gesture of the group, Vice President Shettima reiterated President Tinubu’s commitment to investor-friendly policies.

He stated: “I urge you to give Nigeria the benefit of the doubt. The current administration led by President Bola Ahmed Tinubu is the most investor-friendly administration in the history of Nigeria. When fuel subsidy was an albatross around Nigeria’s neck, President Tinubu, from day one, hit the ground running by withdrawing the fuel subsidy and unifying the multiple opaque foreign exchange markets.”

On Monday, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, led other members to brief the Vice President on the activities and itinerary lined up for him in New York.

Tuggar outlined the programmes and activities, saying the Vice President is expected to deliver President Bola Ahmed Tinubu’s national statement at the General Debate of the UN General Assembly. 

Apart from President Tinubu’s national statement delivery, Vice President Kashim Shettima is also expected to meet with the Secretary General of the United Nations. 

Aside other heads of states lined up to meet with the Vice President, there are also scheduled meetings with the head of the African, Caribbean and Pacific States; the President of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala; Director General of the International Atomic Agency, and multinational companies, among others.

Also on the itinerary of the Vice President is a meeting with the Bill and Melinda Gates Foundation and a host of other international partners.