Nigeria’s Vice President Kashim Shettima has secured investment pledges from Swedish companies during a two-day visit to Stockholm, as the West African nation intensifies its drive for foreign direct investment.
Several Swedish firms have committed to partnerships worth millions of dollars across Nigeria’s digital economy and health sectors, following Mr Shettima’s presentation at a business forum in the Swedish capital.
“Nigeria is now an ambitious nation, bound by the limitless potential of the Fourth Industrial Revolution,” Mr Shettima told potential investors at the forum, which focused on trade opportunities in digital economy, agriculture, and renewable energy.
The vice president emphasised President Bola Tinubu’s recent economic reforms, including measures to restructure the economy and create a more competitive business environment. These reforms are part of the administration’s “Renewed Hope Agenda” aimed at attracting both foreign and domestic investments.
The Stockholm visit builds upon what officials describe as a “time-honored history of cooperation” between Nigeria and Sweden, particularly in trade, technology, and sustainable development.
The Nigerian government’s push for investment comes amid significant economic reforms implemented since President Tinubu took office last year, including controversial measures to remove fuel subsidies and reform foreign exchange policies.
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.”
Priorities
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.”
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 favorable 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 also emphasized Nigeria’s population as Africa’s largest, saying the nation’s “strategic advantage is not solely based on being the largest ICT market or the most populous nation in Africa” but also on the creativity and knowledge-sharing of the youth population, which he described as the real engine of the nation’s economy.
The VP further recalled that though the COVID-19 pandemic led to serious global economic downturn, it inspired Nigeria to diversify its economy and strengthen partnerships that have positioned the nation as a pillar of the global economy.
Identifying gender equality as another area of priority, Senator Shettima said Nigeria is working hard to close the gender gap, particularly in STEM fields where women’s participation is critical to driving innovation and economic growth, citing the World Economic Forum declaration that improving gender parity could add $229 billion to Nigeria’s economy by 2025.
On MSMEs, he described them as the backbone of Nigeria’s economy, accounting for 96% of businesses and over 84% of employment.
For Nigeria’s digital economy, he said it is one of the fastest-growing sectors in Africa, contributing significantly to GDP, with the nation’s fintech ecosystem, led by companies such as Flutterwave and Paystack, attracting global attention, “with Nigerian tech start-ups receiving over $1 billion in funding in 2022”.
The Vice President urged the Swedish investors to deploy their expertise in technology and innovation to collaborate with Nigerian start-ups, driving growth and creating jobs, even as he stressed that the partnership between both countries can accelerate this transition.
On agriculture, he said while Nigeria is working to modernize the sector, Swedish expertise in agriculture technology could assist the nation in achieving this through investments in precision farming, mechanization, and value-chain development, with a view to improving 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 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.
