On September 24, 2024, Nigeria's Vice President Kashim Shettima announced that the US Chamber of Commerce has committed $320 million to support mortgage refinancing, small and medium-sized enterprises (SMEs), and cashew nut processing in Nigeria. This funding includes $200 million earmarked for mortgage refinancing, $100 million focused on empowering women through SMEs, and $20 million dedicated to enhancing the cashew nut processing sector [7174daa5].
This investment aligns with Shettima's earlier statements regarding the importance of the capital market in achieving Nigeria's goal of a $1 trillion economy by 2026. He emphasized that such foreign investments are crucial for mobilizing long-term funds and driving economic growth [64d621e9].
The announcement comes at a time when President Bola Tinubu is actively promoting investor-friendly policies, although he was unable to attend the UN General Assembly due to severe flooding in Borno State [7174daa5]. This commitment from the US Chamber of Commerce reflects a growing interest in Nigeria's economic potential and the agricultural sector, particularly in the cashew nut industry, which has been identified as a key area for growth [7174daa5].
In addition to these developments, Shettima's recent discussions with the Association of Capital Market Academics of Nigeria (ACMAN) highlighted the need for collaboration between academia and industry to foster innovation and growth in the capital market [64d621e9]. The Securities and Exchange Commission (SEC) has also been active, approving nine new issuances totaling N1.23 trillion in 2024, which indicates increasing investor confidence in the Nigerian market [396eb164].
As Nigeria aims for significant economic transformation, the integration of foreign investments, particularly in critical sectors like housing and agriculture, will be vital for achieving sustainable growth and enhancing the overall economic landscape [7174daa5].