Nigeria secures $119m Swedish investment for tech hubs, MSMEs
The Nigerian government has attracted around $119 million in investments for tech hubs and micro, small, and medium enterprises from Gluwa, a digital wallet service, and Ericsson. This announcement was made in a press release by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, on Thursday, October.
The presidency highlighted that this investment resulted from Vice President Kashim Shettima’s discussions with global investors during a business meeting with Swedish companies in Stockholm. At the meeting, he urged investors to explore Nigeria’s rapidly expanding investment landscape, emphasizing the abundant opportunities for serious investment.
As per the presidency, Akinola Jones, the Director of Gluwa, revealed that the company intends to train over 30,000 Nigerians in digital skills as part of its contribution to President Bola Tinubu’s Renewed Hope Agenda. He stated that the company is “committing $100 million across Nigeria.”
“ We have a significant vision for Nigeria, focusing on banking the unbanked and connecting the unconnected. Once we launch our satellite in December this year, we can connect direct satellite to WiFi. This will be a substantial achievement for Nigeria and the technology ecosystem. We have provided about $100 million in loans, not just for disbursing loans but for making a real impact and giving back. We are also collaborating with the government and presidency to train people on digital skills,” Jones mentioned.
In his comments, Peter Olusoji Ogundele, the Managing Director of Ericsson Nigeria, disclosed the company’s plan to establish a technology hub in Nigeria, valued at approximately $19 million. He expressed, “Nigeria has enough youths who can enter the technology field. We can train them, and some of them we can export to the world, positioning us as 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 enduring.”
Swedish Vice President Edgar Luczak, Chairman, Partner, and Head of Advisory at Epicenter, Sweden, assured Shettima that through collaboration, both countries can strengthen their economies, create jobs, and secure a sustainable future for generations to come. He added, “We aim to launch an accelerated program to support Nigeria in its unique growth, building on our successful programs with the likes of Google, Microsoft, Singapore, and other countries.”
According to Shettima, President Bola Ahmed Tinubu has implemented bold reforms aimed at restructuring the nation’s economy for sustainable growth and fostering a competitive business environment that attracts both foreign and domestic investments. He emphasized the diverse opportunities in Nigeria, such as the digital economy, agriculture, renewable energy, and MSMEs, and highlighted the nation's ambition and potential in the Fourth Industrial Revolution.
He stated, “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. Although challenging, these reforms are necessary steps in restructuring the economy for sustainable growth.
The 'Renewed Hope Agenda' of the government focuses on establishing a competitive business environment to attract both foreign and domestic investments. Simultaneously, our financial sector reforms, such as the updated Cashless Policy and Open Banking Framework, have transformed banking services, advancing financial inclusion and offering innovative financial products.
The Vice President highlighted MSMEs as the foundation of Nigeria's economy, representing 96% of businesses and more than 84% of employment.
Nevertheless, they encounter significant obstacles, including limited access to capital and markets. Swedish companies and investors can play a vital role in assisting Nigerian MSMEs in overcoming these challenges, especially through technology access and expertise in renewable energy, agriculture, and digital finance.
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