The foreign investment drive of President Bola Tinubu’s administration received a major boost on Thursday, as several Swedish investors committed to significant investments and partnerships in Nigeria’s digital economy, healthcare, and other key sectors.
This development followed Vice President Kashim Shettima’s assurances to global investors during a business meeting with Swedish companies in Stockholm. He emphasized that Nigeria’s investment climate is more favorable than ever, offering substantial opportunities across a wide range of sectors.
Speaking at the Epicenter in Stockholm, where he was on a two-day working visit, Shettima highlighted the long-standing cooperation between Nigeria and Sweden, particularly in trade, technology, and sustainable development. He pointed out the vast opportunities in Nigeria’s digital economy, agriculture, renewable energy, and MSMEs, asserting that the country is “an ambitious nation, bound by the limitless potential of the Fourth Industrial Revolution.”
During the business forum, themed “Trade and Investments with a Focus on the Digital Economy, Agriculture, and Renewable Energy,” Shettima reassured investors that the Tinubu administration has undertaken bold reforms to revitalize Nigeria’s economy and create an investor-friendly environment. He emphasized that the government’s “Renewed Hope Agenda” is focused on fostering a competitive business atmosphere that attracts both foreign and domestic investments.
Shettima noted key reforms, including the unification of exchange rates and the removal of fuel subsidies, as critical steps toward sustainable growth. He further highlighted that sectors such as digital economy, agriculture, and renewable energy are essential in addressing global challenges like food security, climate change, and economic development.
Encouraging Swedish investors to explore Nigeria’s numerous business opportunities, Shettima said, “Whether in finance, renewable energy, digital innovation, agriculture, or education, our partnership holds the promise of immense benefits for both nations.”
The Vice President also stressed the importance of gender equality, particularly in STEM fields, citing the World Economic Forum’s projection that closing the gender gap could add $229 billion to Nigeria’s economy by 2025.
Shettima acknowledged the impact of the COVID-19 pandemic on global economies but emphasized that it served as an impetus for Nigeria to diversify its economy and strengthen international partnerships, positioning the country as a key player in the global economy.
Several prominent Swedish business leaders expressed their commitment to supporting Nigeria’s development. Mr. Akinola Jones, Director of Gluwa, revealed plans to train over 30,000 Nigerians in digital skills as part of the company’s contribution to the Renewed Hope Agenda, while Ericsson Nigeria’s Managing Director, Mr. Peter Olusoji Ogundele, announced the company’s intention to invest $19 million in a technology hub in Nigeria, aiming to train local youth and create job opportunities.
Vice President Shettima also held bilateral talks with Sweden’s Minister of Foreign Affairs, Maria Malmer Stenergard, and Deputy Prime Minister, Ebba Busch, focusing on strengthening ties and exploring new avenues for cooperation between Nigeria and Sweden.