The Nigerian government has secured approximately $119 million in investments aimed at enhancing tech hubs and supporting micro, small, and medium enterprises (MSMEs).
This significant investment comes from Gluwa, a digital wallet service, and Ericsson, a telecommunications giant. The announcement was made on October 17, 2024, by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications (Office of the Vice President).
The announcement follows a recent business meeting in Stockholm, where Vice President Kashim Shettima urged global investors to explore Nigeria’s rapidly growing investment climate.
“We are providing limitless opportunities for serious investments,” Shettima said. “Nigeria is an ambitious nation, full of potential, especially in the tech sector.”
According to the presidency, Gluwa is set to invest around $100 million in Nigeria. Mr. Akinola Jones, Director of Gluwa, revealed that the company aims to train over 30,000 Nigerians in digital skills as part of the government’s Renewed Hope Agenda.
“We have a big vision for Nigeria,” Jones stated. “Our focus is on banking the unbanked and connecting the unconnected. By launching our satellite in December, we aim to connect directly to WiFi. This will be a significant win for Nigeria and its technology ecosystem.”
Jones also emphasized the importance of impactful contributions. “It’s not just about disbursing loans; it’s about giving back,” he said.
Ericsson Nigeria is also making strides with its commitment to invest $19 million in building a technology hub in Nigeria. The Managing Director of Ericsson Nigeria, Mr. Peter Olusoji Ogundele, highlighted the potential of Nigerian youth in the tech field.
“Nigeria has enough youth who can enter this field,” Ogundele explained. “We can train them, and some of them we can export to the world, making us another India in the tech sector.”
Ogundele further expressed Ericsson’s long-term commitment to Nigeria, stating, “We have been in Nigeria since 1978, and our partnership here is enduring.”
The Swedish Vice President, Edgar Luczak, also expressed optimism for collaboration between Nigeria and Sweden.
“We hope to launch an accelerated program that will create our own path to support Nigeria in its unique growth,” he said. “Through collaboration, we can build a stronger economy, create jobs, and secure a future for generations to come.”
Vice President Shettima articulated the ambitious reforms undertaken by President Bola Ahmed Tinubu’s administration. He mentioned that these reforms are essential for restructuring the nation’s economy toward sustainable growth.
“The government has introduced bold financial reforms,” Shettima noted. “These include unifying exchange rates and removing fuel subsidies. Although challenging, these steps are necessary for sustainable economic growth.”
The Vice President also emphasized the significance of the Renewed Hope Agenda in creating a competitive business environment.
“This agenda aims to attract both foreign and domestic investments,” he explained. “Our financial sector reforms, such as the revised Cashless Policy and Open Banking Framework, have revolutionized banking services, promoting financial inclusion and providing innovative products.”
Shettima called on Swedish investors to seize the opportunities in Nigeria and work toward building a prosperous and sustainable future.
“Whether in finance, renewable energy, digital innovation, agriculture, or education, the partnership between our countries holds immense promise,” he stated.
