UNGA yields fruitful results as Nigeria gets $320m investment boost

Nigeria has secured a major investment boost at the 79th United Nations General Assembly, as the US Chamber of Commerce has pledged $320 million to support mortgage financing, small and medium enterprises (SMEs), and other vital sectors in the country.

At the US-Nigeria Executive Business Roundtable, Nisha Biswal, head of the American International Development Finance Corporation, unveiled a $200 million investment in mortgage refinancing in Nigeria, part of the corporation’s $1 billion portfolio committed to supporting economic growth and development in the country.

The Vice President’s Senior Special Assistant on Media and Communications, Mr. Stanley Nkwocha, announced this in a statement on Tuesday.

According to him, the US International Development Finance Corporation allocated $100 million to FCMB, targeting financial support for Nigerian SMEs, particularly those led by women.

The US Chamber of Commerce also announced that $20 million has been approved for a firm, Robust International, for processing cashew nuts in Nigeria.

Biswal said the American Chamber remained committed to working with Nigerians to develop and pursue sustainable economic policies.

Vice President Kashim Shettima expressed gratitude for the investment and reaffirmed President Bola Tinubu’s dedication to implementing investor-friendly policies.

He said: “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.”

Persecondnews recalls that the Minister of Foreign Affairs, Amb. Yusuf Tuggar, led a delegation on Monday to brief Shettima on his packed schedule in New York.

Shettima will present Tinubu’s speech during the general debate of the 79th UNGA.

Additionally, the vice president’s itinerary includes a meeting with the Secretary General of the United Nations.

Aside from other heads of state lined up to meet with the Vice President, there are also scheduled meetings with the heads of the African, Caribbean, and Pacific States, the President of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, the Director General of the International Atomic Agency, and multinational companies, among others.

He also has appointments with the Bill and Melinda Gates Foundation and numerous other international partners.