On Thursday, President Bola Tinubu’s administration achieved a significant milestone in its foreign investment drive, as a group of investors from Sweden committed to multi-million dollar investments and partnerships in Nigeria’s digital economy, health sector, and other critical areas.
This development follows Vice President Kashim Shettima’s assurance to global investors during a business meeting with Swedish enterprises in Stockholm.
He emphasised that they can now fully capitalize on Nigeria’s rapidly growing investment climate, which offers abundant opportunities for serious investment.
Shettima highlighted that the Nigerian government, under Tinubu’s leadership, has initiated bold reforms aimed at restructuring the economy for sustainable growth.
He also noted that the administration’s Renewed Hope Agenda focuses on creating a competitive business environment to attract both foreign and domestic investments.
During his two-day working visit to Stockholm, designed to enhance trade and bilateral relations, Shettima acknowledged the longstanding history of cooperation between Nigeria and Sweden, particularly in trade, technology, and sustainable development.
He pointed out the numerous opportunities in Nigeria, such as in the digital economy, agriculture, renewable energy, and micro, small, and medium enterprises (MSMEs). He stressed that Nigeria is now an ambitious nation poised to leverage the limitless potential of the Fourth Industrial Revolution.
At the business forum themed “Trade and Investments with a Focus on the Digital Economy, Agriculture, and Renewable Energy”, Shettima utilized his negotiation skills to attract investors.
He assured attendees that the Tinubu administration has made substantial progress over the past year to enhance Nigeria’s investment climate and create extensive 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.”
The Nigerian Vice President highlighted the digital economy, agriculture, and renewable energy as key global priorities and essential pathways for Nigeria’s future.
He noted that these sectors play a vital role in tackling urgent global issues, including food security, climate change, and economic growth.
Encouraging Swedish investors to seize the numerous business opportunities in Nigeria, he stated, “Distinguished guests, ladies and gentlemen, there is immense potential for collaboration between Nigeria and Sweden across various 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.”
VP Shettima recalled that trade between Nigeria and Sweden grew by 30% in 2022, informing a greater need for deeper collaboration between both nations.
“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 highlighted Nigeria’s status as Africa’s largest nation, asserting that its ‘strategic advantage’ extends beyond being the continent’s largest ICT market or most populous country.
He pointed out that the true driving force of Nigeria’s economy lies in the creativity and knowledge-sharing of its youth.
The Vice President noted that while the COVID-19 pandemic resulted in significant global economic challenges, it also catalyzed Nigeria to diversify its economy and forge stronger partnerships, ultimately positioning the country as a key player in the global economic landscape.
Addressing gender equality as a critical priority, Senator Shettima stated that Nigeria is committed to bridging the gender gap, particularly in STEM fields.
He emphasised that increasing women’s participation in these areas is essential for fostering innovation and driving economic growth. He referenced the World Economic Forum’s assertion that improving gender parity could potentially contribute an additional $229 billion to Nigeria’s economy by 2025.
Regarding Micro, Small, and Medium Enterprises (MSMEs), he described them as the backbone of Nigeria’s economy, noting that they represent 96% of all businesses and account for over 84% of employment in the country.
“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.
The Vice President highlighted that Nigeria’s digital economy is one of the fastest-growing sectors in Africa, making significant contributions to the nation’s GDP.
He pointed out that the fintech ecosystem, led by companies such as Flutterwave and Paystack, has attracted global attention, with Nigerian tech start-ups receiving over $1 billion in funding in 2022.
He urged Swedish investors to leverage their expertise in technology and innovation to partner with Nigerian start-ups, fostering growth and job creation. The Vice President emphasized that collaboration between both countries could accelerate this transition.
Regarding agriculture, he noted Nigeria’s efforts to modernize the sector and suggested that Swedish expertise in agricultural technology could greatly assist this initiative.
He called for investments in precision farming, mechanization, and value-chain development to enhance productivity and ensure food security.
Earlier, Edgar Luczak, Chairman, Partner & Head of Advisory at Epicenter, Sweden, welcomed the Vice President, stating that the future lies in digital and sustainable solutions. He assured that Epicenter is committed to engaging in meaningful actions, not just words.
Luczak expressed that through collaboration, both countries can build a stronger economy, create jobs, and secure a better future for 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 path to support Nigeria in its unique growth,” he added.
