Nigeria’s foreign investment drive has received a significant boost with Vice-President Kashim Shettima’s recent visit to Sweden.
Shettima met with Swedish investors in Stockholm, assuring them of Nigeria’s improved investment climate and unlimited opportunities.
During his two-day working visit, Shettima highlighted Nigeria’s growing digital economy, agriculture, renewable energy, and MSMEs sectors as key areas for investment, according to This Day.
He emphasized the Tinubu administration’s bold financial reforms, including unified exchange rates and removed fuel subsidies, to create a competitive business environment.
Swedish investors have committed to investing millions of dollars in Nigeria’s critical sectors.
Gluwa, a digital wallet service, pledged $100 million to train over 30,000 Nigerians in digital skills. Ericsson Nigeria will build a $19 million technology hub, while Swedfund will invest in the private sector to reduce poverty and support sustainable development.
Shettima’s visit also focused on strengthening bilateral ties between Nigeria and Sweden. He held talks with Sweden’s Minister of Foreign Affairs, Maria Malmer Stenergard, and Deputy Prime Minister Ebba Busch, exploring new areas of cooperation.
Nigeria’s financial sector, one of the most sophisticated in Africa, is now more attractive to foreign investors.
The Vice-President encouraged Swedish companies to collaborate with Nigerian start-ups, driving growth and job creation.
This development is expected to deepen Nigeria-Sweden relations, fostering economic growth and cooperation. With Nigeria’s population and strategic location, Swedish investors are poised to tap into Africa’s largest market.
The Vice-President’s insuccessful visit underscores Nigeria’s commitment to attracting foreign investment and promoting economic development. As Nigeria continues to diversify its economy, partnerships with countries like Sweden will play a crucial role in driving growth and prosperity.
“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.
For Nigeria’s digital economy, Shettima 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.”