The United States has committed $320 million towards mortgage and Small and Medium-sized Enterprises (SMEs) financing in Nigeria, following the nation’s participation in the 79th United Nations General Assembly (UNGA).

Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, led Nigeria’s delegation to the UNGA in New York, where they engaged in strategic meetings with key stakeholders.

At a US-Nigeria Executive Business Roundtable hosted by the U.S. Chamber of Commerce, Nisha Biswal of the American International Development Finance Corporation announced a $200 million investment in mortgage refinancing in Nigeria, part of a broader $1 billion portfolio. Additionally, $100 million will go towards supporting SMEs through FCMB, with a special emphasis on empowering women. Another $20 million is earmarked for Robust International to process cashew nuts in Nigeria.

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Vice President Shettima expressed gratitude for the U.S. Chamber’s support, reiterating President Tinubu’s dedication to creating a conducive environment for investors. He highlighted the administration’s early reforms, stating, “From day one, President Tinubu removed the fuel subsidy and unified the previously fragmented foreign exchange markets.”

Ahead of the roundtable, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, briefed Vice President Shettima on key engagements in New York. The Vice President is expected to deliver Nigeria’s national statement at the General Debate and hold meetings with international figures such as the UN Secretary-General and WTO President Dr. Ngozi Okonjo-Iweala.

Notable Nigerian officials in attendance included ministers from key sectors like Communications, Health, Trade, and Defense, underscoring Nigeria’s focus on driving international collaboration and development.