Several investors from Sweden have expressed their willingness to invest in digital, health and other critical sectors of Nigeria’s economy.
This follows Vice President Kashim Shettima’s assurance of conducive investment environment for the global investors.
He informed them that the Nigerian government under President Bola Ahmed Tinubu, has undertaken bold reforms that are restructuring the nation’s economy for sustainable growth.
Speaking on Thursday 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 noted that Nigeria and Sweden have a time-honored history of cooperation, particularly in trade, technology, and sustainable development.
The VP, in a statement by his Senior Special Assistant on Media and Communications, Stanley Nkwocha, 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 Nigerian Vice President said these sectors are crucial to addressing pressing global challenges such as food security, climate change, and economic growth.
He, therefore, implored the Swedish investors to avail themselves of the business opportunities that abound in Nigeria.
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 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 Seed fund, 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.
