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The foreign investment drive of the administration of President Bola Tinubu got another significant boost on Thursday, as several investors from Sweden committed to investments and partnerships worth millions of dollars in Nigeria’s digital economy, health and other critical sectors.
This followed Vice President Kashim Shettima’s assurance to global investors at a business meeting with Swedish businesses in Stockholm that they can now take unfettered advantage of Nigeria’s ever-growing investment climate, which is currently providing limitless opportunities for serious investments.
According to him, the Nigerian government, under President Tinubu, has undertaken bold reforms that were restructuring the nation’s economy for sustainable growth, just as the administration’s Renewed Hope Agenda was focused on a competitive business environment that attracts both foreign and domestic investments.
Speaking at Epicenter, Stockholm, Sweden, where he is currently on a two-day working visit aimed at boosting trade and bilateral relations between both nations, VP Shettima, in a statement by his spokesman, Stanley Nkwocha, noted that Nigeria and Sweden have a time-honored history of cooperation, particularly in trade, technology, and sustainable development.
He cited opportunities that abound in Nigeria, including the digital economy, agriculture, renewable energy, and MSMEs, among many others, pointing out that the nation is now “an ambitious nation, bound by the limitless potential of the Fourth Industrial Revolution.”
Employing every negotiation skill at his disposal to woo investors at the business forum with the theme, “Trade and Investments with a Focus on the Digital Economy, Agriculture, and Renewable Energy,” the VP assured that the Tinubu administration has done much within the last year to brighten Nigeria’s investment climate, creating vast investment opportunities.
He stated: “Under the leadership of His Excellency, President Bola Ahmed Tinubu, the Nigerian government has introduced bold financial reforms, including the unification of exchange rates and the removal of fuel subsidies. Though challenging, these reforms are necessary steps in restructuring the economy for sustainable growth.
“The government’s ‘Renewed Hope Agenda’ emphasizes creating a competitive business environment that attracts both foreign and domestic investments. In parallel, our financial sector reforms, such as the revised Cashless Policy and Open Banking Framework, have revolutionized banking services, promoting financial inclusion and providing innovative financial products.”
Identifying digital economy, agriculture, and renewable energy as global priorities and the direction in which Nigeria is headed, the Nigeria’s Vice President said the sectors were crucial to addressing pressing global challenges such as food security, climate change, and economic growth.
Imploring Swedish investors to avail themselves of the business opportunities that abound in Nigeria, he said, “Distinguished guests, ladies and gentlemen, there is tremendous potential for collaboration between Nigeria and Sweden across multiple sectors.
“Whether in finance, renewable energy, digital innovation, agriculture, or education, our partnership holds the promise of immense benefits for both nations. I urge Swedish investors to seize the opportunities in Nigeria and work with us to build a prosperous and sustainable future.”
VP Shettima recalled that trade between Nigeria and Sweden grew by 30% in 2022, informing a greater need for deeper collaboration between both nations.
“This momentum calls us to come together and create a favorable business environment for the expansion of goods and services, from digitalization to access to specialists,” he said, pointing out that “Nigeria’s financial sector is one of the most sophisticated in Africa, showing remarkable resilience in recent years.”
He also emphasised Nigeria’s population as Africa’s largest, saying the nation’s “strategic advantage is not solely based on being the largest ICT market or the most populous nation in Africa” but also on the creativity and knowledge-sharing of the youth population, which he described as the real engine of the nation’s economy.
The VP further recalled that though the COVID-19 pandemic led to serious global economic downturn, it inspired Nigeria to diversify its economy and strengthen partnerships that have positioned the nation as a pillar of the global economy.
Identifying gender equality as another area of priority, Senator Shettima said Nigeria is working hard to close the gender gap, particularly in STEM fields where women’s participation is critical to driving innovation and economic growth, citing the World Economic Forum declaration that improving gender parity could add $229 billion to Nigeria’s economy by 2025.
On MSMEs, he described them as the backbone of Nigeria’s economy, accounting for 96% of businesses and over 84% of employment.
“Yet, they face significant challenges, including limited access to capital and markets. Swedish companies and investors can play a crucial role in helping Nigerian MSMEs overcome these barriers, particularly through access to technology and expertise in renewable energy, agriculture, and digital finance,” he added.
For Nigeria’s digital economy, he said it is one of the fastest-growing sectors in Africa, contributing significantly to GDP, with the nation’s fintech ecosystem, led by companies such as Flutterwave and Paystack, attracting global attention, “with Nigerian tech start-ups receiving over $1 billion in funding in 2022”.
The Vice President urged the Swedish investors to deploy their expertise in technology and innovation to collaborate with Nigerian start-ups, driving growth and creating jobs, even as he stressed that the partnership between both countries can accelerate this transition.
On agriculture, he said while Nigeria is working to modernize the sector, Swedish expertise in agriculture technology could assist the nation in achieving this through investments in precision farming, mechanization, and value-chain development, with a view to improving productivity and food security.
Welcoming the Vice President earlier, Edgar Luczak, Chairman, Partner & Head of Advisory, Epicenter, Sweden, noted that the future is digital and sustainable, assuring that the Epicenter was ready to engage not just in words but in action.
According to him, through collaboration, both countries can build a stronger economy, create jobs, and most importantly, ensure a future for the generations to come.
“We hope we can take this opportunity to launch an accelerated programme that will not only follow in the footsteps of our other excellent programmes that we do with the likes of Google, Microsoft, Singapore, and other countries but create our own path to support Nigeria in its unique growth,” he added.
Mr. Akinola Jones, Director of Gluwa, a digital wallet service, said as part of its contribution to the Renewed Hope Agenda of the Tinubu administration, the company would train over 30,000 people in digital skills.
Jones said they had already started training about 1,000 people in Jigawa state, adding that they were committing $100 million across Nigeria.
“We have a big vision for Nigeria, and I think our vision is banking the unbanked and connecting the unconnected. We see a situation where, once we launch our satellite in December this year, we can connect direct satellite to WiFi. This is going to be a very big win for Nigeria and a very big win for the technology ecosystem.
“We have given about $100 million in loans. It is not just about disbursing loans, it is not just about trying to grow portfolios, it is really about giving back. We are pushing for a lot of impact, and we are also working with the government and presidency to train people on digital skills,” he said.
Meanwhile, the Managing Director of Ericsson Nigeria, Mr. Peter Olusoji Ogundele, has revealed the company’s plan to build a technology hub worth about $19 million in Nigeria.
He said, “Nigeria has enough youths that can come into that field. We can train them, Ericsson will also take part in it, and some of them we can export to the world, and we will be like another India.
“Ericsson was the first to have over 1,000 sites in Nigeria and continues to invest in the country. We have been here since 1978, and for us, our partnership is an enduring one.”
On her part, Ms. Anthonia Huard, Regional Director, North & West Africa, Energy & Transport Lead, said Nigeria has become the country’s focal point in Africa for optimal engagement.
“In order to be efficient in Africa, the organization focused on prioritizing markets of which Nigeria is one and matched the areas of focus of Sweden to the needs and focus of the countries for optimal engagement,” she stated.
Also, the Director, Project Accelerator, of Swedfund, Mr. Hakan Danhltor, expressed the organization’s commitment to reducing poverty and supporting sustainable development through investments in the private sector and in local private companies.
For her part, Mikaela Edstrom of the Swedish Export Credit Agency said the agency is closely watching the ongoing economic reforms taking place in Nigeria and views them as positive for the future.
“We can, together with our sister organization, provide a world-class export credit system for Nigeria,” Edstrom pledged.
Vice President Shettima held bilateral talks with the Minister of Foreign Affairs, Maria Malmer Stenergard and Deputy Prime Minister of Sweden, Ebba Busch. These discussions focused on strengthening ties and exploring new areas of cooperation between Nigeria and Sweden.
The Vice President also visited the Royal Palace, where talks centered on deepening cultural ties and reinforcing the partnership between the two nations.
Others who joined the Vice President at the meetings included Plateau State governor, Barr. Caleb Mutfwang; Minister of Foreign Affairs, Ambassador Yusuf Tuggar; Executive Vice Chairman/Chief Executive Officer, National Agency for Science and Engineering Infrastructure (NASENI), Mallam Khalil Suleiman Halilu; Director-General, National Information Technology Development Agency (NITDA), Mallam Kashifu Abdullahi; Executive Vice-Chairman (EVC), Nigerian Communication Commission (NCC), Engr. Aminu Maida, and some members of the Nigerian Embassy in Stockholm.
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