By DAYO ADESULU
Global Investors Commit to Strengthening Nigeria’s Economic Landscape
South Korean digital wallet service Gluwa and Swedish telecom giant Ericsson are among several investors who have pledged over $119 million in investments and partnerships to enhance Nigeria’s digital economy, health sector, and other critical areas.
Vice President Shettima Promotes Nigeria as an Investment Hub
During a recent meeting with Swedish companies in Stockholm, Vice President Kashim Shettima reassured global investors of Nigeria’s openness for business. He emphasized that the nation presents vast opportunities for serious investments, driven by a favorable investment climate.
According to Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communication, Shettima highlighted the Nigerian government’s commitment to restructuring the economy for sustainable growth under President Bola Tinubu’s leadership.
Key Highlights from the Business Forum
Speaking at the Epicenter in Stockholm, Shettima pointed out that Nigeria and Sweden share a long history of cooperation, particularly in trade, technology, and sustainable development. He identified several sectors ripe for investment, including:
- Digital Economy
- Agriculture
- Renewable Energy
- Micro, Small, and Medium Enterprises (MSMEs)
Economic Reforms and Investment Opportunities
At the business forum themed “Trade and Investments with a Focus on the Digital Economy, Agriculture, and Renewable Energy,” Shettima discussed the significant reforms initiated by the Tinubu administration. He mentioned key financial reforms such as:
- Unification of exchange rates
- Removal of fuel subsidies
These measures are part of the “Renewed Hope Agenda,” which aims to foster a competitive environment that attracts both foreign and domestic investments.
Addressing Global Challenges
Shettima stressed that sectors like the digital economy, agriculture, and renewable energy are crucial for tackling global issues such as food security and climate change. He encouraged Swedish investors to explore collaboration opportunities across various fields, asserting that such partnerships could yield substantial benefits for both nations.
Prominent Investments and Initiatives
- Gluwa’s Commitment: Akinola Jones, Director of Gluwa, announced the company’s plan to train over 30,000 individuals in digital skills as part of its commitment to the Tinubu administration’s agenda. Gluwa is investing $100 million in Nigeria, aiming to enhance financial inclusion and connectivity.
- Ericsson’s Technology Hub: Mr. Peter Ogundele, Managing Director of Ericsson Nigeria, revealed plans to establish a technology hub valued at approximately $19 million. He emphasized the potential of Nigeria’s youth in the tech field and the company’s longstanding commitment to the country since 1978.
Strengthening Bilateral Relations
Vice President Shettima also engaged in bilateral discussions with Swedish officials, including Deputy Prime Minister Ebba Busch and Foreign Affairs Minister Maria Stenergard, focusing on enhancing ties and identifying new areas for collaboration between Nigeria and Sweden.
Conclusion
The significant investments pledged by Gluwa, Ericsson, and other global players signal a burgeoning interest in Nigeria’s economic potential. As the government continues to implement reforms and foster a conducive business environment, the prospects for growth in the digital economy and other critical sectors appear promising.
