The US Chamber of Commerce plans to invest $320 million in Nigeria’s mortgages refinancing and Small and Medium Enterprises (SMEs) sector. This move, announced during the US-Nigeria Executive Business Roundtable at the ongoing United Nations General Assembly, is expected to boost the Nigerian economy.
Nisha Biswal, Deputy CEO of the U.S. International Development Finance Corporation, revealed the breakdown of the investment. The Chamber will allocate $200 million to mortgage refinancing. This funding aims to provide more Nigerians with affordable housing options. By increasing access to homeownership, the US hopes to support long-term economic stability.
In addition, $100 million will go toward financing SMEs in Nigeria, with a special focus on women-led businesses. SMEs are vital to Nigeria’s economy, and this funding will help them grow and innovate. Small businesses can play a significant role in reducing unemployment and increasing economic resilience.
The US Chamber also committed $20 million to Robust International, a Nigerian firm that processes cashew nuts. This investment will improve cashew nut production and support Nigeria’s agricultural sector, creating jobs and boosting exports.
Vice-President Kashim Shettima, who leads Nigeria’s delegation at the UNGA, welcomed the investment. He assured the US Chamber of Nigeria’s dedication to investor-friendly policies. He also highlighted the positive steps President Bola Tinubu’s administration has taken, such as removing fuel subsidies and unifying foreign exchange markets. These reforms aim to make Nigeria more attractive to foreign investors.
This partnership between the US and Nigeria marks a significant step towards stronger economic ties. It supports sustainable economic growth and development for both countries.
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