By Joke Kujenya
NIGERIA’s EFFORTS to improve mortgage financing and support small and medium enterprises (SMEs) received a significant boost.
The US Chamber of Commerce pledged $320 million to back initiatives aimed at driving growth in these sectors.
This commitment reinforces the administration’s focus on creating investor-friendly policies that enhance the country’s economic landscape.
Vice President Kashim Shettima, representing Nigeria at the 79th United Nations General Assembly (UNGA79), secured the US Chamber’s commitment.
The Chamber allocated $200 million to mortgage refinancing and $100 million to finance SMEs, with a strong emphasis on empowering women entrepreneurs.
Additionally, $20 million was earmarked for the processing of cashew nuts, with Robust International being approved to lead this effort.
This partnership aims to bolster Nigeria’s agricultural output, while providing more opportunities for local businesses to thrive.
Vice President Shettima assured investors that Nigeria remains a promising destination for global investment.
He highlighted the administration’s swift actions in unifying foreign exchange markets and removing the fuel subsidy, which have improved investor confidence.
He urged global partners to continue supporting Nigeria’s efforts to foster economic growth.
Nisha Biswal, head of the American International Development Finance Corporation, expressed the Chamber’s long-term commitment to working with Nigeria.
She emphasized the importance of sustainable economic development and the potential for growth within Nigeria’s financial and business sectors.
President Bola Tinubu’s delegation also engaged with leaders of multinational companies, international agencies, and regional organizations to discuss Nigeria’s progress and plans for the future.
The team reiterated their dedication to creating a business-friendly environment that encourages international collaborations.
