79th UNGA: US Commits $320m to Mortgage Finance, Women Empowerment in Nigeria

By Timothy Choji

Nigeria’s participation at the 79th Session of the ongoing United Nations General Assembly has started yielding the desired result; with the

The US Chamber of Commerce has pledged $320 million to support mortgage refinancing and enhance women empowerment at the 79th Session of the ongoing United Nations General Assembly.

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 one billion dollars, it was investing $200 million in mortgage refinancing in Nigeria.

The sum of $100 million has been earmarked to finance Small and Medium Enterprises (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.

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.”