By Cross Udo, Abuja
The Federal Government’s foreign investment drive got another boost yesterday, as several Swedish investors committed to 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 currently provides limitless opportunities for all.
The Vice President said that under President Bola Tinubu, the Nigerian government has undertaken bold reforms that are restructuring the nation’s economy for sustainable growth, adding that the administration’s Renewed Hope Agenda is focused on a competitive business environment that attracts foreign and domestic investments.
Speaking at Epicentre in Stockholm, Sweden, where he is currently on a two-day working visit aimed at boosting trade and bilateral relations between both nations, Shettima noted that Nigeria and Sweden have a time-honoured history of cooperation, particularly in trade, technology, and sustainable development.
He cited opportunities 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 Vice President assured that the Tinubu administration has done much within the last year to brighten Nigeria’s investment climate, creating vast investment opportunities.
Shettima, in a statement by his spokesman, Stanley Nkwocha, was quoted as saying, “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 to restructure the economy for sustainable growth.
“The government’s ‘Renewed Hope Agenda’ emphasizes creating a competitive business environment that attracts 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 Nigerian Vice President said these sectors are 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, “There is tremendous potential for collaboration between Nigeria and Sweden across multiple sectors.
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“Whether in finance, renewable energy, digital innovation, agriculture, or education, our partnership promises 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.”
Shettima recalled that trade between Nigeria and Sweden grew by 30% in 2022, informing a greater need for deeper collaboration.
“This momentum calls us to come together and create a favourable 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 described Nigeria’s population as Africa’s most significant, saying the nation’s strategic advantage is not solely based on being the most critical ICT market or the most populous country in Africa but on the creativity and knowledge-sharing of the youth population, which he described as the real engine of the nation’s economy.
The Vice President further recalled that though the COVID-19 pandemic led to global severe economic downturn, it inspired Nigeria to diversify its economy and strengthen partnerships that have positioned the nation as a pillar of the worldwide 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.
He described MSMEs as the backbone of Nigeria’s economy, accounting for 96 percent 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 Swedish investors to deploy their expertise in technology and innovation to collaborate with Nigerian start-ups, driving growth and creating jobs. He stressed that the partnership between both countries can accelerate this transition.
He said that 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 to improve productivity and food security.
Welcoming the Vice President earlier, Edgar Luczak, Chairman, Partner, and Head of Advisory, Epicentre, Sweden, noted that the future is digital and sustainable, and ensuring that the Epicentre was ready to engage in words and action.
According to him, through collaboration, both countries can build a more robust economy, create jobs, and, most importantly, ensure a future for future generations.
“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 path to support Nigeria in its unique growth,” he added.
Mr Akinola Jones, Director of Gluwa, a digital wallet service, said the company would train over 30,000 people in digital skills as part of its contribution to the Tinubu administration’s Renewed Hope Agenda.
Jones said they had already started training about 1,000 people in Jigawa state and were committing $100m across Nigeria.
*Ericsson to build $19m tech hub in Nigeria
Meanwhile, the Managing Director of Ericsson Nigeria, Mr Peter Ogundele, has revealed the company’s plan to build a technology hub worth about $19m in Nigeria.
He said, “Nigeria has enough youths to enter 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.
“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, Swedfund’s Director, Project Accelerator, Mr. Hakan Danhltor, expressed the organization’s commitment to reducing poverty and supporting sustainable development through investments in the private sector and 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 Caleb Mutfwang; Minister of Foreign Affairs Ambassador Yusuf Tuggar; Executive Vice Chairman/Chief Executive Officer of National Agency for Science and Engineering Infrastructure, 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 Swedish Embassy in Stockholm.
