The Nigerian government has secured $119 million in investments for tech hubs and micro, small, and medium-sized enterprises (MSMEs) through partnerships with Gluwa and Ericsson. This announcement was made by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, following Vice President Kashim Shettima’s engagement with Swedish businesses in Stockholm.
During the event, the Vice President highlighted Nigeria’s focus on creating a conducive environment for foreign investment, emphasizing the digital economy, agriculture, and renewable energy as key growth sectors. He noted the government’s efforts to ensure a competitive business sector through recent financial reforms.
Gluwa, a digital wallet provider, announced a $100 million investment in Nigeria and plans to train over 30,000 Nigerians in digital skills. The company aims to promote financial inclusion and boost connectivity through a satellite launch in December 2024.
Ericsson, a leading technology company, revealed plans to establish a $19 million technology hub in Nigeria. The company aims to train Nigerian professionals for the global market, similar to India’s experience in the technology sector.
Vice President Shettima emphasized the importance of MSMEs in Nigeria’s economy, accounting for 96% of businesses and over 84% of employment. He acknowledged the challenges faced by small businesses and encouraged Swedish companies to support their growth through technological advancements and expertise.
The Vice President also highlighted Nigeria’s thriving digital economy, citing local fintech giants Flutterwave and Paystack as examples of successful startups. He called for further collaboration between Swedish investors and Nigerian startups to fuel innovation and create job opportunities.
Credit: TechEconomy (Text Excluding Headline)
