Would you like to receive notifications on latest updates of the following headlines?

UNGA: US agency commits $320m to Nigeria's mortgage refinancing, SMEs

POSTED ON September 24, 2024 •   BREAKING NEWS      BY Abiodun Saheed Omodara
Vice President Kashim Shettima

The Federal Government has secured a commitment from the United States Chamber of Commerce for an investment of approximately $320 million in mortgage refinancing and women's empowerment initiatives.

This was announced at the ongoing United Nations General Assembly (UNGA) meeting in New York, United States.

The gesture was revealed in a release by a Presidential spokesman in the Office of the Vice President, Stanley Nkeocha, late night on Monday.

This came just as Vice President Kashim Shettima, who is leading the federal government delegation and representing President Bola Tinubu at this year’s UNGA, has met with other members of Nigeria’s delegation to strategise on Nigeria’s engagements in New York.

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  $1 billion, it was investing $200 million in mortgage refinancing in Nigeria.

The sum of $100 million has been earmarked for FCMB to finance SMEs in Nigeria, with particular interest in women empowerment.

The US Chamber of Commerce also announced that $20 million had 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, Shettima reiterated 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.”

Earlier on Monday, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, led other members to brief the Vice President on the activities and itinerary lined up for him in New York.

Tuggar outlined the programmes and activities, saying the Vice President was expected to deliver the  President’s national statement at the General Debate of the UN General Assembly.

Apart from Tinubu’s national statement delivery, Shettima was also expected to meet with the Secretary General of the United Nations.

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

Also on the itinerary of the Vice President was a meeting with the Bill and Melinda Gates Foundation and a host of other international partners.

Top Nigerian officials present at the meeting included the Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani; Minister of Women Affairs, Uju Kennedy-Ohanenye; Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji; Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, and Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite.

Others were Minister of Solid Mineral Development, Dele Alake; Minister of State for Environment, Dr. Iziaq Kunle Salako; Minister of Defence, Alhaji Mohammed Badaru Abubakar and Director-General of the National Intelligence Agency, Mohammed Mohammed, among others.

READ ALSO
Nigeria at Risk: Scientist Warns of Imminent Earthquakes and Climate Disasters
BY Abiodun Saheed Omodara July 28, 2025 0

A scientist located in Uyo, Akwa Ibom State, Dr. Anietie Ikott, has cautioned that Nigeria might soo...

READ ALSO
Buhari Dies in London after Brief Illness
BY Abiodun Saheed Omodara July 13, 2025 0

Nigeria’s immediate past president, Muhammadu Buhari, has died in London. Buhari died on Sund...

READ ALSO
Sowore Condemns Tenure Extensions of Senior Security Officials for Violating 35-Year Service Limit
BY Abiodun Saheed Omodara July 6, 2025 0

Human rights advocate and ex-presidential aspirant, Omoyele Sowore, has criticized the ongoing tenur...

READ ALSO
South-West Demands Five New States and Constitutional Recognition for Traditional Rulers in Ongoing Constitutional Review
BY Abiodun Saheed Omodara July 4, 2025 0

The demand for the establishment of five new states, the recognition of traditional rulers in the co...

READ ALSO
Federal High Court Orders Reinstatement of  Natasha Akpoti-Uduaghan, Calls Suspension "Excessive"
BY Abiodun Saheed Omodara July 4, 2025 0

A Federal High Court in Abuja ruled on Friday that the Nigerian Senate exceeded its authority by sus...

READ ALSO
Calls for Autopsy: Ondo Govt. Faces Pressure to Exhume Late Governor Akeredolu's Body
BY Abiodun Saheed Omodara June 30, 2025 0

The Ondo State Government may need to exhume the body of the late governor, Oluwarotimi Akeredolu, f...

READ ALSO
Tinubu to Discuss Sustainable Governance at BRICS Summit in Rio
BY Abiodun Saheed Omodara June 29, 2025 0

President Bola Tinubu arrived in Vieux Fort, Saint Lucia, on Saturday for the first leg of his two-p...

READ ALSO
Reps Launches Committee to Review CNG Policy Implementation
BY Abiodun Saheed Omodara June 27, 2025 0

The House of Representatives has formed an ad-hoc committee tasked with examining the Federal Govern...

OUR CHANNELS:

PDP Divided Over Possible Returns of Jonathan, Obi Ahead of 2027 Elections
BY Abiodun Saheed Omodara August 15, 2025 0

With about two years remaining until the 2027 presidential election, there are divisions among membe...


Trump Warns Russia of "Very Severe Consequences" Over Ukraine Conflict Ahead of Summit
BY Abiodun Saheed Omodara August 15, 2025 0

U.S. President Donald Trump has cautioned that Russia could face "very severe consequences" if Presi...


JAMB to Screen Over 500 Underage Candidates for Tertiary Admission
BY Abiodun Saheed Omodara August 15, 2025 0

The Joint Admissions and Matriculation Board (JAMB) has revealed plans to evaluate over 500 outstand...


NAPTIP Reports Alarming Rise in Human Trafficking Cases in Benue State
BY Abiodun Saheed Omodara August 15, 2025 0

Director-general (D-G), National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Bint...


OOPL Demands N3.5 Billion Compensation from EFCC After Controversial Raid
BY Abiodun Saheed Omodara August 15, 2025 0

The management of the Olusegun Obasanjo Presidential Library (OOPL) has demanded N3.5 billion compen...


Despite $3.64 Billion in Loans, Nigeria's Healthcare Infrastructure Remains Lacking
BY Abiodun Saheed Omodara August 15, 2025 0

The World Bank has granted Nigeria a total of $3.53 billion (N5.4 trillion at the official exchange...


Charges Against Comfort Emmanson Dropped, KWAM 1's Ban Shortened
BY Abiodun Saheed Omodara August 15, 2025 0

The Federal Government has dropped its criminal charges against Ms. Comfort Emmanson, the passenger...


Iran Reaffirms Support for Hezbollah Amid Disarmament Efforts in Lebanon
BY Abiodun Saheed Omodara August 15, 2025 0

Iran's top security official promised in Lebanon on Wednesday that his nation would maintain its sup...


FG Names Fuji Star KWAM 1 as Ambassador for Aviation Safety
BY Abiodun Saheed Omodara August 15, 2025 0

The Federal Government has revealed its intention to appoint Fuji musician Wasiu Ayinde Marshal, com...


Nigeria's First Rubella Measles Vaccine Set to Launch Amidst Health Concerns
BY Abiodun Saheed Omodara August 13, 2025 0

The United Nations Children's Education Fund, known as UNICEF, has reported that Rubella Measles is...


More Articles

Load more...

Menu