79th UNGA: US Chamber Of Commerce Commits $320m For Mortgages, SMEs In Nigeria

Nigeria’s participation at the ongoing 79th Session of the United Nations General Assembly (UNGA) recorded the first success on Monday, as the President Bola Tinubu administration’s commitment towards mortgage refinancing and women empowerment received the support of the United States Chamber of Commerce with a commitment of about $320 million.

This is just as Vice President Kashim Shettima, who is leading the federal government’s delegation and representing President Tinubu at this year’s UNGA, has met with other members of Nigeria’s delegation to strategise on Nigeria’s engagements in New York.

According to a statement by Presidential spokesman, Stanley Nkwocha, 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.

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.

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Biswal said the American Chamber remained committed to working with Nigerians in the development and pursuit of sustainable economic policies.

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.”

Earlier on Monday, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, led other members of the delegation 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 was expected to deliver President Tinubu’s national statement at the General Debate of the UN General Assembly.

Apart from President Tinubu’s national statement delivery, Vice President 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.

Top Nigerian officials present at the meeting included the Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani; Minister of Women Affairs, Uju Kennedy-Ohanenye; Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji; Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, and Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite.

Others are Minister of Solid Mineral Development, Dele Alake; Minister of State for Environment, Dr. Iziaq Kunle Salako; Minister of Defence, Alhaji Mohammed Badaru Abubakar and Director-General of the National Intelligence Agency, Mohammed Mohammed, among many others.