Vice President Kashim Shettima Thursday in Sweden wooed investors to Nigeria’s growing conducive business environment.
Speaking at Epicenter, Stockholm, where he is currently on a two-day working visit, said Nigeria now provides limitless opportunities for serious investments.
He said opportunities abound in Nigeria, including the digital economy, agriculture, renewable energy and MSMEs, among others, stressing that the nation is now “an ambitious nation, bound by the limitless potential of the Fourth Industrial Revolution.”
“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.
“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,” he said.
The Vice President said Nigeria and Sweden have a time-honored history of cooperation, particularly in trade, technology and sustainable development.
He said the 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 emphasised 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.
He 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.
The Vice President described MSMEs as the backbone of Nigeria’s economy, accounting for 96% of businesses and over 84% of employment.
“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 said.
He said Nigeria’s digital economy 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.
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.
He said while Nigeria is working to modernise the sector, Swedish expertise in agriculture technology could assist the nation in achieving it through investments in precision farming, mechanisation and value-chain development with a view to improving productivity and food security.
The chairman/partner and Head of Advisory of Epicenter, Edgar Luczak, said the future is digital and sustainable.
He assures that the Epicenter was ready to engage not just in words but in action.
He said through collaboration, Nigeria and Sweden can build a stronger economy, create jobs and guarantee 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 said.
The Director of Gluwa, a digital wallet service, Mr. Akinola Jones, said the company would train over 30,000 people in digital skills as part of its contribution to the Renewed Hope Agenda of the Tinubu administration.
He said they had already started training about 1,000 people in Jigawa state, adding that they were committing $100 million across 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.
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