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South Korean digital wallet service, Gluwa, and Swedish Telecoms giant, Ericsson, are among several investors who pledged investments and partnerships worth at least $119m in Nigeria’s digital economy, health and other critical sectors.
This came as Vice President Kashim Shettima assured global investors of Nigeria’s openness for business during a meeting with Swedish companies in Stockholm on Thursday.
Shettima said investors can now take unfettered advantage of Nigeria’s ever-growing investment climate, which currently provides limitless opportunities for serious investments.
Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, revealed details of Thursday’s talks in a statement titled, ‘At business forum in Sweden: VP Shettima woos investors to Nigeria’s growing business climate.’
According to Shettima, the Nigerian government, under President Bola Tinubu, has undertaken bold reforms that are restructuring the nation’s economy for sustainable growth, just as the administration’s Renewed Hope Agenda is 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, the VP 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.”
At the business forum with the theme, ‘Trade and Investments with a Focus on the Digital Economy, Agriculture, and Renewable Energy,’ the VP affirmed 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 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 revolutionised 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, “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.”
He said Nigeria’s digital economy is one of the fastest-growing sectors in Africa, contributing significantly to GDP. The nation’s fintech ecosystem, led by companies such as Flutterwave and Paystack, attracts global attention, “with Nigerian tech start-ups receiving over $1bn 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.
On agriculture, he said that while Nigeria is working to modernise the sector, Swedish expertise in agriculture technology could assist the nation in achieving this through investments in precision farming, mechanisation, and value-chain development to improve 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 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 own path to support Nigeria in its unique growth,” he added.
The Director of Gluwa, a digital wallet service, Akinola Jones, 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 Ogundele, has revealed the company’s plan to build a technology hub worth about $19m 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.
“To be efficient in Africa, the organisation focused on prioritising 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 organisation’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 organisation, provide a world-class export credit system for Nigeria,” Edstrom pledged.
Shettima held bilateral talks with the Minister of Foreign Affairs, Maria Stenergard and Deputy Prime Minister of Sweden, Ebba Busch. The discussions focused on strengthening ties and exploring new areas of cooperation between Nigeria and Sweden.
He also visited the Royal Palace, where talks centred 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, Yusuf Tuggar; Executive Vice Chairman/Chief Executive Officer, National Agency for Science and Engineering Infrastructure, Khalil Halilu; Director-General, National Information Technology Development Agency, Kashifu Abdullahi; Executive Vice-Chairman, Nigerian Communication Commission, Aminu Maida, and some members of the Nigerian Swedish Embassy in Stockholm.
