Nigeria’s Vice President, Senator Kashim Shettima has emphasized the longstanding history of cooperation between Nigeria and Sweden, particularly in the areas of trade, technology, and sustainable development.
In an insightful article titled “The Pursuit of Balance: Building Mutual Opportunities in Nigeria’s Economy,” Vice President Shettima explained that under the administration of President Bola Ahmed Tinubu, Nigeria has implemented bold financial reforms, including the unification of exchange rates and the removal of fuel subsidies.
During a State visit to Sweden, where he was accompanied by top government officials, the Vice President highlighted the numerous opportunities for collaboration between Nigeria and Sweden.
In his keynote address at a business forum held at Epicenter, Stockholm, themed “Trade and Investments with a Focus on the Digital Economy, Agriculture, and Renewable Energy,” Vice President Shettima said, “Though challenging, these reforms are necessary steps in restructuring the economy for sustainable growth.”
He went on to note, “There is tremendous potential for collaboration between Nigeria and Sweden across multiple sectors. Whether in finance, renewable energy, digital innovation, agriculture, or education, our partnership holds the promise of immense benefits for both nations.”
He urged Swedish investors to seize opportunities in Nigeria and collaborate to build a prosperous and sustainable future.
The Vice President also emphasized the importance of strengthening efforts between the two countries, particularly in agriculture, as a means of advancing economic growth. “Agriculture remains a critical sector in Nigeria’s economy, employing a significant portion of our population. We are working to modernize the sector, and Swedish expertise in agricultural technology can help us achieve this. Investment in precision farming, mechanization, and value-chain development will improve productivity and food security in Nigeria,” he said.
“Nigeria, with a population of over 200 million, represents one of the largest and most vibrant markets in Africa. We are undertaking significant reforms to improve the business environment, from streamlining regulations to enhancing infrastructure. Investors can expect attractive returns, particularly in sectors like agriculture, technology, and renewable energy,” Shettima added.
He cited a World Bank projection, stating that “Nigeria’s economy is expected to grow by over 3.3% in 2025, creating a win-win situation where your investments yield substantial financial returns and contribute to Nigeria’s economic development and resilience.”
The Vice President emphasized the importance of engaging in dialogue with Swedish investors: “We are here not only to speak but to listen and engage. We value partnership and collaboration. Please share how we can better support your operations in Nigeria, whether through improving processes, enhancing regulatory frameworks, or facilitating access to local resources.”
He concluded by saying, “Together, we can create an ecosystem that nurtures innovation and growth, ensuring mutual success in our business endeavors.”
Shettima also called on the Swedish government to support Nigeria’s initiatives in strengthening small-scale businesses across the country. “Through initiatives like the SME Survival Fund and MSME Clinics, the Nigerian government is providing critical support to these enterprises, and we welcome partnerships to further empower them,” he said.
Speaking on Nigeria’s burgeoning digital economy, the Vice President noted, “Nigeria’s digital economy is one of the fastest-growing sectors in Africa, contributing significantly to the GDP. Our fintech ecosystem, led by companies such as Flutterwave and Paystack, has attracted global attention, with Nigerian tech start-ups receiving over $1 billion in funding in 2022. Swedish investors, with their expertise in technology and innovation, are well positioned to collaborate with Nigerian start-ups, driving growth and creating jobs.”
Among the entourage of the Vice President were the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar; the Federal Minister of Communications, Dr. Bosun Tijjani; Governor of Plateau State, His Excellency Caleb Manasseh Mutfwang; and Osun State Governor, His Excellency Sen. Ademola Jackson Nurudeen Adeleke (represented by the Commissioner for Commerce and Industry, Rev. Bunmi Jenyo).
Other notable figures included the Vice President’s Director of Protocol, Ambassador Adamu Idris Muhammed; the Vice President’s Technical Adviser on Foreign Direct Investment, Princess Zahrah Mustapha Audu; and Heads of Agencies, such as the CEO of the National Information Technology Development Agency (NITDA), Mr. Kashifu Inuwa Abdullahi, and Administrative Assistant, Ms. Abba Gwadabe among others
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