The foreign investment drive of President Bola Ahmed Tinubu’s administration received a substantial boost on Thursday, as several Swedish investors pledged millions of dollars toward investments and partnerships in Nigeria’s digital economy, health, and other critical sectors.
This development followed Vice President Kashim Shettima’s strong assurance to global investors during a business meeting in Stockholm, where he emphasized that they can now seize the myriad opportunities in Nigeria’s rapidly growing investment climate.
Shettima highlighted the Nigerian government’s bold reforms aimed at restructuring the economy for sustainable growth, noting that the administration’s Renewed Hope Agenda is focused on fostering a competitive business environment that attracts both foreign and domestic investments.
Speaking at the Epicenter in Stockholm, during his two-day working visit to enhance trade and bilateral relations, the Vice President noted the long-standing cooperation between Nigeria and Sweden, particularly in trade, technology, and sustainable development.
He identified key areas ripe for investment, including the digital economy, agriculture, renewable energy, and support for micro, small, and medium enterprises (MSMEs). Shettima described Nigeria as “an ambitious nation, bound by the limitless potential of the Fourth Industrial Revolution.”
Utilizing his negotiation skills to attract investors, Shettima assured attendees that significant progress has been made over the past year to improve Nigeria’s investment climate, creating vast opportunities for serious investment.
“Under the leadership of His Excellency, President Bola Ahmed Tinubu, we have introduced bold financial reforms, including the unification of exchange rates and the removal of fuel subsidies. While challenging, these reforms are vital for restructuring the economy for sustainable growth,” he explained.
The Vice President underscored that the government’s Renewed Hope Agenda emphasizes the creation of a competitive business environment, alongside financial sector reforms such as the revised Cashless Policy and Open Banking Framework, which have transformed banking services and promoted financial inclusion.
Pointing to the global priorities of the digital economy, agriculture, and renewable energy, Shettima asserted that these sectors are crucial for tackling pressing challenges like food security, climate change, and economic growth.
He implored Swedish investors to capitalize on the significant business opportunities in Nigeria, stating, “There is tremendous potential for collaboration between our nations across multiple sectors, including finance, renewable energy, digital innovation, agriculture, and education. Our partnership promises immense benefits for both countries.”
Shettima noted that trade between Nigeria and Sweden grew by 30% in 2022, reinforcing the need for deeper collaboration. He remarked, “This momentum calls for us to create a favorable business environment for expanding goods and services, from digitalization to access to specialists.”
He also emphasized Nigeria’s demographic advantage as Africa’s most populous nation, highlighting the creativity and knowledge-sharing potential of its youth, which he described as the true engine of the economy.
Recalling the economic impact of the COVID-19 pandemic, Shettima stated that it prompted Nigeria to diversify its economy and strengthen partnerships, positioning the nation as a pillar of the global economy.
Addressing gender equality, he mentioned efforts to close the gender gap in STEM fields, asserting that improving gender parity could add $229 billion to Nigeria’s economy by 2025.
He highlighted MSMEs as the backbone of Nigeria’s economy, accounting for 96% of businesses and over 84% of employment, yet facing challenges such as limited access to capital and markets. Swedish companies and investors can play a critical role in supporting these enterprises through technology and expertise.
Shettima noted that Nigeria’s digital economy is one of the fastest-growing sectors in Africa, significantly contributing to GDP, with fintech companies like Flutterwave and Paystack attracting global attention, including over $1 billion in funding in 2022.
He urged Swedish investors to deploy their technological expertise to collaborate with Nigerian startups, driving growth and job creation, emphasizing that such partnerships could accelerate Nigeria’s transition to a digital economy.
On agriculture, he expressed optimism about modernizing the sector with Swedish agricultural technology, including investments in precision farming and mechanization to enhance productivity and food security.
Earlier, Chairman of Epicenter Edgar Luczak, assured that the future is digital and sustainable, expressing readiness to engage in meaningful collaboration to support Nigeria’s growth.
Director of Gluwa Akinola Jones, announced a commitment to train over 30,000 individuals in digital skills as part of their contribution to the Renewed Hope Agenda, alongside a $100 million investment across Nigeria.
Ericsson’s Managing Director in Nigeria, Peter Olusoji Ogundele, revealed plans to establish a $19 million technology hub, emphasizing the potential to train Nigerian youth for global opportunities.
As the visit continued, Vice President Shettima held bilateral talks with Swedish officials, focusing on strengthening ties and exploring new avenues for cooperation, further underscoring Nigeria’s growing importance on the global investment stage.
