At the 79th United Nations General Assembly (UNGA), the United States Chamber of Commerce announced a significant commitment to invest approximately $320 million into Nigeria’s mortgage refinancing and Small and Medium Enterprises (SMEs) sectors.
This pledge was made during the US-Nigeria Executive Business Roundtable in New York, part of the ongoing UNGA events, aiming to boost economic growth and support sustainable development in Nigeria.
Ms Nisha Biswal, Deputy CEO of the U.S. International Development Finance Corporation, confirmed that $200 million will be allocated to mortgage refinancing in Nigeria.
An additional $100 million has been set aside for FCMB to support SMEs, particularly targeting women’s empowerment.
“The US Chamber is proud to allocate $100 million to FCMB for SME financing, with a special focus on advancing women’s participation,” Biswal stated.
Moreover, the US Chamber also announced a $20 million investment for Robust International, a cashew nut processing firm based in Nigeria, as part of efforts to boost agricultural processing.