Nigeria secures $320 million support from US Chamber of Commerce at UNGA

Nigeria’s participation in the 79th Session of the United Nations General Assembly (UNGA) achieved early success as the Bola Ahmed Tinubu administration’s focus on mortgage refinancing and women empowerment garnered the support of the United States Chamber of Commerce, securing a $320 million commitment.

Vice President Kashim Shettima, representing President Tinubu and leading the Nigerian delegation, engaged in strategic discussions at a US-Nigeria Executive Business Roundtable hosted by the US Chamber of Commerce.

During the event, Nisha Biswal from the American International Development Finance Corporation (DFC) revealed plans to invest $200 million in mortgage refinancing in Nigeria as part of their $1 billion portfolio. 

Additionally, $100 million has been earmarked for First City Monument Bank (FCMB) to support small and medium-sized enterprises (SMEs), with a focus on women empowerment.

The Chamber also announced a $20 million investment for Robust International, dedicated to cashew nut processing in Nigeria.

Biswal reaffirmed the Chamber’s commitment to sustainable economic policies and collaboration with Nigeria.

Shettima, expressing gratitude for the support, reiterated Nigeria’s dedication to creating a business-friendly environment.

“This administration, under President Bola Ahmed Tinubu, is the most investor-friendly in Nigeria’s history,” Shettima said, referencing the government’s actions, such as removing fuel subsidies and unifying foreign exchange markets.

Earlier in the day, Ambassador Yusuf Tuggar, Nigeria’s Minister of Foreign Affairs, briefed the Vice President on the delegation’s activities and engagements in New York, which include delivering President Tinubu’s national statement at the General Debate, meetings with the UN Secretary-General, the African, Caribbean, and Pacific States leadership, as well as global business leaders and multilateral organizations.

Notable meetings on the Vice President’s schedule include engagements with the World Trade Organization (WTO) President, Dr. Ngozi Okonjo-Iweala, the International Atomic Energy Agency Director-General, and representatives from the Bill and Melinda Gates Foundation.

The Nigerian delegation comprises key government officials, including Ministers Dr. ‘Bosun Tijani (Communications, Innovation & Digital Economy), Uju Kennedy-Ohanenye (Women Affairs), Professor Muhammad Ali Pate (Health & Social Welfare), Doris Uzoka-Anite (Industry, Trade & Investment), and Dele Alake (Solid Mineral Development), among others.

In a related development, Nigeria and the United States recently launched major energy reforms since June 2023, focusing on enhancing energy security, attracting investment, and deepening international cooperation.

The reforms were prominently featured during the inaugural US-Nigeria Strategic Energy Dialogue, which took place on September 11 and 12, 2024, in Washington, DC.

Olu Verheijen, Special Adviser to the President on Energy, noted that nearly 100 million Nigerians still lack reliable power and emphasized the need for collaborative solutions to close this gap.