Vice President Kashim Shettima Announces Major Investments in Digital, Agriculture, and Renewable Energy Sectors

Kashim Shettima, the Vice President of Nigeria in his two-day working visit to Stockholm has further propelled Nigeria’s foreign investment drive, a key focus of President Bola Ahmed Tinubu’s administration. During a business meeting at Epicenter, Swedish investors pledged millions of dollars in new investments and partnerships in Nigeria’s digital economy, healthcare, agriculture, and renewable energy sectors. Shettima assured global investors that Nigeria, under the Renewed Hope Agenda, has introduced bold reforms aimed at fostering a competitive business environment, including the unification of exchange rates and the removal of fuel subsidies. These measures are creating vast opportunities for both foreign and domestic investors.

At the business forum themed “Trade and Investments with a Focus on the Digital Economy, Agriculture, and Renewable Energy,” Shettima highlighted Nigeria’s ambitions in the Fourth Industrial Revolution, noting the nation’s growing investment climate, which is attracting significant international attention. He emphasized the potential for collaboration between Nigeria and Sweden across multiple sectors, particularly in technology, finance, and sustainable development.

Shettima cited Nigeria’s booming digital economy as one of the fastest-growing sectors in Africa, pointing to the success of fintech companies like Flutterwave and Paystack, which have attracted over $1 billion in funding in 2022. He called on Swedish investors to collaborate with Nigerian startups in areas such as digital innovation, renewable energy, and agriculture, stressing that such partnerships could drive growth, create jobs, and bolster economic resilience.

Ericsson’s Managing Director, Peter Olusoji Ogundele, announced plans to establish a $19 million technology hub in Nigeria, aiming to train and develop local talent in ICT, further positioning Nigeria as a global tech powerhouse. Similarly, Swedish companies expressed a strong commitment to supporting Nigeria’s sustainable development, with Gluwa, a digital wallet service, pledging to invest $100 million and train 30,000 people in digital skills as part of Nigeria’s Renewed Hope Agenda.

The Vice President also highlighted the significance of Nigeria’s youthful and creative population, describing them as the engine of the economy and key to the country’s strategic advantage. Shettima underscored the importance of MSMEs, which account for 96% of Nigerian businesses and over 84% of employment, urging Swedish investors to help bridge gaps in capital access and market opportunities for these enterprises.

Shettima’s visit included bilateral meetings with Swedish leaders, including Deputy Prime Minister Ebba Busch, focusing on strengthening trade ties and cultural cooperation. With Nigeria’s ongoing economic reforms receiving praise from Swedish institutions, both nations are poised to deepen their relationship, fostering mutual growth and sustainable development.