Shettima emphasized that investors can now fully leverage Nigeria's expanding investment landscape, which offers boundless opportunities for serious investment. Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communication, shared insights from the discussions in a statement titled, "At business forum in Sweden: VP Shettima woos investors to Nigeria’s growing business climate."
The Vice President highlighted that the Nigerian government, led by President Bola Tinubu, has initiated significant reforms aimed at restructuring the economy for sustainable growth. He noted that the administration's Renewed Hope Agenda is designed to foster a competitive business environment that attracts both foreign and domestic investments.
During his two-day working visit to Stockholm, Shettima remarked on the longstanding cooperative relationship between Nigeria and Sweden, particularly in trade, technology, and sustainable development. He pointed out various opportunities in Nigeria, such as in the digital economy, agriculture, renewable energy, and micro, small, and medium enterprises (MSMEs), asserting that the country is now "an ambitious nation, driven by 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," the Vice President affirmed that the Tinubu administration has made significant strides over the past year to enhance Nigeria's investment climate, thereby creating extensive investment opportunities.
He stated: “Under the leadership of His Excellency, President Bola 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 revolutionised banking services, promoting financial inclusion and providing innovative financial products.”
Recognizing the digital economy, agriculture, and renewable energy as key global priorities and the trajectory for Nigeria, the Nigerian Vice President emphasized the importance of these sectors in tackling urgent global issues like food security, climate change, and economic development. He encouraged Swedish investors to explore the numerous business opportunities available in Nigeria, stating, “Esteemed guests, ladies and gentlemen, there is significant potential for partnership between Nigeria and Sweden in 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.”
Nigeria's digital economy is recognized as one of the most rapidly expanding sectors in Africa, making a substantial contribution to the nation's GDP. The fintech landscape, spearheaded by firms like Flutterwave and Paystack, has garnered international interest, with Nigerian tech startups securing over $1 billion in funding in 2022.
The Vice President encouraged Swedish investors to leverage their technological and innovative expertise to partner with Nigerian startups, fostering growth and job creation. He emphasized that collaboration between the two nations could significantly expedite this transformation.
Regarding agriculture, he highlighted Nigeria's efforts to modernize the sector, suggesting that Swedish agricultural technology expertise could play a crucial role in this endeavor. Investments in precision farming, mechanization, and value-chain development could enhance productivity and bolster food security.
During the Vice President's welcome, Edgar Luczak, Chairman, Partner & Head of Advisory at Epicenter, Sweden, remarked on the importance of a digital and sustainable future, expressing Epicenter's commitment to taking actionable steps rather than merely making promises.
He asserted that through collaboration, both countries could strengthen their economies, generate employment opportunities, 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 own path to support Nigeria in its unique growth,” he added.
Akinola Jones, the Director of Gluwa, a digital wallet service, announced that the company plans to support the Renewed Hope Agenda of the Tinubu administration by providing training in digital skills to more than 30,000 individuals.
He mentioned that training has already commenced for approximately 1,000 participants in Jigawa state and emphasized that Gluwa is dedicating $100 million to this initiative throughout Nigeria.
“We have a big vision for Nigeria, and I think our vision is banking the unbanked and connecting the unconnected. We see a situation where, once we launch our satellite in December this year, we can connect direct satellite to WiFi.
“This is going to be a very big win for Nigeria and a very big win for the technology ecosystem. We have given about $100 million in loans.
“It is not just about disbursing loans, it is not just about trying to grow portfolios, it is really about giving back. We are pushing for a lot of impact, and we are also working with the government and presidency to train people on digital skills,” he said.
The Managing Director of Ericsson Nigeria, Mr. Peter Ogundele, has announced the company's intention to establish a technology hub in Nigeria, with an estimated investment of approximately $19 million.
He said, “Nigeria has enough youths that can come into that field. We can train them, Ericsson will also take part in it, and some of them we can export to the world, and we will be like another India.
“Ericsson was the first to have over 1,000 sites in Nigeria and continues to invest in the country. We have been here since 1978, and for us, our partnership is an enduring one.”
Ms. Anthonia Huard, Regional Director for North & West Africa and Energy & Transport Lead, stated that Nigeria has emerged as the central hub for effective engagement in Africa.
“To be efficient in Africa, the organisation focused on prioritising markets of which Nigeria is one and matched the areas of focus of Sweden to the needs and focus of the countries for optimal engagement,” she stated.
Also, Swedfund’s Director, Project Accelerator, Mr. Hakan Danhltor, expressed the organisation’s commitment to reducing poverty and supporting sustainable development through investments in the private sector and local private companies.
For her part, Mikaela Edstrom of the Swedish Export Credit Agency said the agency is closely watching the ongoing economic reforms taking place in Nigeria and views them as positive for the future.
“We can, together with our sister organisation, provide a world-class export credit system for Nigeria,” Edstrom pledged.
Shettima engaged in bilateral discussions with Sweden's Minister of Foreign Affairs, Maria Stenergard, and Deputy Prime Minister, Ebba Busch. The focus of these talks was on enhancing relations and identifying new avenues for collaboration between Nigeria and Sweden.
Additionally, he visited the Royal Palace, where the conversations aimed at strengthening cultural connections and solidifying the partnership between the two countries.
Accompanying the Vice President during these meetings were Plateau State Governor Caleb Mutfwang; Minister of Foreign Affairs Yusuf Tuggar; Khalil Halilu, Executive Vice Chairman/Chief Executive Officer of the National Agency for Science and Engineering Infrastructure; Kashifu Abdullahi, Director-General of the National Information Technology Development Agency; Aminu Maida, Executive Vice-Chairman of the Nigerian Communication Commission; along with several members of the Nigerian Swedish Embassy in Stockholm.