US Chamber commits $320m to development of Nigeria’s mortgage industry, SMEs

New York, Sept. 24, 2024 – The United States Chamber of Commerce has announced a $320 million support to Nigeria’s mortgage industry and Small and Medium-scale Enterprises (SMEs).

This was announced at the ongoing 79th Session of the ongoing United Nations General Assembly in New York where Kasim Shettima, the Vice President is representing President Bola Tinubu.

Nisha Biswal, a member of the American International Development Finance Corporation, announced this at the US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce.

He said with a portfolio of $1 billion, the chamber was committing $200 million in mortgage refinancing in Nigeria, while $100 million had been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women empowerment.

The US chamber also announced that $20 million 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.  (GBN)