In a significant move for Nigeria’s economic development, Vice President Kashim Shettima, representing President Bola Ahmed Tinubu at the 79th United Nations General Assembly (UNGA79), announced the country’s successful partnership with the United States Chamber of Commerce. This partnership, confirmed on Monday, includes a commitment of approximately $320 million aimed at mortgage refinancing and empowering women in business.
During a US-Nigeria Executive Business Roundtable, Nisha Biswal from the American International Development Finance Corporation revealed that a total investment of $200 million would specifically target mortgage refinancing in Nigeria. An additional $100 million is set aside for First City Monument Bank (FCMB) to support small and medium-sized enterprises (SMEs) with a focus on women empowerment. Furthermore, Robust International will receive $20 million for the processing of cashew nuts in Nigeria.
Vice President Shettima expressed gratitude for the support, emphasizing President Tinubu’s dedication to creating an investor-friendly environment. “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,” he stated, highlighting the government’s swift actions to eliminate the fuel subsidy and unify foreign exchange markets.
Earlier in the day, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, briefed the Vice President on the planned activities for the week. Shettima is scheduled to deliver President Tinubu’s national statement at the General Debate of the UNGA and will engage with key international leaders, including the UN Secretary-General and heads of various international organizations.
The Vice President’s agenda also includes meetings with the Bill and Melinda Gates Foundation and several multinational corporations, reflecting Nigeria’s proactive approach to fostering global partnerships for economic growth.
Key Nigerian officials present at the meetings included the Ministers of Communications, Women Affairs, Innovation, and Trade and Investment, among others, showcasing a united front for Nigeria’s developmental goals at the international stage.
As Nigeria continues to forge strategic partnerships at UNGA79, the commitment from the U.S. Chamber of Commerce signals a promising future for investment and economic collaboration.
