Nigeria’s push for foreign investment gained fresh momentum on Thursday as Vice President Kashim Shettima encouraged global investors to tap into the nation’s rapidly expanding business environment. Addressing Swedish businesses during a high-profile meeting in Stockholm, Shettima highlighted opportunities in Nigeria’s key sectors, including MSMEs, agriculture, digital economy, and renewable energy.

The meeting, hosted at the Epicenter in Stockholm, Sweden, was part of Shettima’s two-day working visit aimed at bolstering bilateral trade and investment. He assured Swedish investors that Nigeria, under President Bola Tinubu’s administration, has enacted crucial reforms to enhance economic growth and create a conducive environment for foreign investments.

“Nigeria has embarked on bold reforms such as the unification of exchange rates and the removal of fuel subsidies, restructuring the economy for sustainable growth,” said the Vice President. He urged investors to explore sectors like agriculture, renewable energy, and technology, which he described as pivotal to Nigeria’s economic transformation and the global fight against food insecurity and climate change.

Several investors responded positively, with tech giant Ericsson committing $19 million to build a technology hub in Nigeria. Meanwhile, Gluwa, a digital wallet service provider, pledged to invest $100 million to enhance digital skills training and financial inclusion across Nigeria, targeting 30,000 beneficiaries.

Shettima emphasized Nigeria’s position as Africa’s largest ICT market and the continent’s most populous country, presenting the nation’s youth as the driving force behind its economic potential. He called on Swedish investors to collaborate with Nigerian tech startups, leveraging digital innovation to drive growth and create jobs.

The Vice President also touched on the importance of gender equality, particularly in STEM fields, and lauded the role of MSMEs in Nigeria’s economy, accounting for 96% of businesses and over 84% of employment. He invited Swedish companies to support Nigerian MSMEs by providing access to technology and expertise, especially in renewable energy and digital finance.

This latest round of foreign investment promises to boost Nigeria’s global standing, with both Swedish and Nigerian leaders committing to deepening trade relations and fostering sustainable development.