The Federal government as revealed in a press statement on October 17, 2024, by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), has declared that Gluwa, a digital wallet service, and Ericsson have contributed over $119 million towards investments for tech hubs and MSMEs.
According to the presidency, this came about as a result of Vice President, Kashim Shettima’s assurance to international investors during a business conference with Swedish companies in Stockholm. Shettima said that Nigeria’s ever-expanding investment climate currently offers countless opportunities for significant investments.
As part of Gluwa’s commitment to President Bola Tinubu’s administration’s Renewed Hope Agenda, the company would teach over 30,000 Nigerians digital skills, according to Mr. Akinola Jones, Director of Gluwa.
He was cited as stating that the business is: “Committing $100 million across Nigeria.”
Continuing, Gluwa’s Director stated: “We have a big vision for Nigeria, and I think our vision is banking the unbanked and connecting the unconnected. We see a situation where, once we launch our satellite in December this year, we can connect direct satellite to WiFi. This is going to be a very big win for Nigeria and a very big win for the technology ecosystem.
“We have given about $100 million in loans. It is not just about disbursing loans; it is not just about trying to grow portfolios; it is really about giving back. We are pushing for a lot of impact, and we are also working with the government and presidency to train people on digital skills,” he added.
Mr. Peter Olusoji Ogundele, Managing Director of Ericsson Nigeria, announced on behalf of the firm that it will be constructing a technology hub in Nigeria with an estimated cost of $19 million.
According to him: “Nigeria has enough youths who can come into that field. We can train them; Ericsson will also take part in it, and some of them we can export to the world, making us another India.
“Ericsson was the first to have over 1,000 sites in Nigeria and continues to invest in the country. We have been here since 1978, and for us, our partnership is an enduring one,” he added.
Edgar Luczak, Chairman, Partner, and Head of Advisory at Epicentre, Sweden—the Swedish Vice President—reassured Shettima that both nations can work together to forge a brighter future, generate jobs, and strengthen their economies.
According to Luczak: “We hope to take this opportunity to launch an accelerated program that will not only follow in the footsteps of our excellent programs with the likes of Google, Microsoft, Singapore, and other countries but create our own path to support Nigeria in its unique growth.”
Shettima claims that President Bola Ahmed Tinubu has implemented audacious reforms that are reorganising the economy of the country for long-term growth and fostering a competitive business climate that draws in both domestic and foreign capital, BrandSpur national news stories report.
He has this to say: “Opportunities that abound in Nigeria, including the digital economy, agriculture, renewable energy, and MSMEs, among many others, pointing out that the nation is now an ambitious one, bound by the limitless potential of the Fourth Industrial Revolution.”
Continuing, he disclosed: “Under the leadership of His Excellency, President Bola Ahmed Tinubu, the Nigerian government has introduced bold financial reforms, including the unification of exchange rates and the removal of fuel subsidies. Though challenging, these reforms are necessary steps in restructuring the economy for sustainable growth.
“The government’s ‘Renewed Hope Agenda’ emphasizes creating a competitive business environment that attracts both foreign and domestic investments. In parallel, our financial sector reforms, such as the revised Cashless Policy and Open Banking Framework, have revolutionized banking services, promoting financial inclusion and providing innovative financial products,” he added.
He urged Swedish investors to take advantage of the prospects in Nigeria and strive towards creating a prosperous and sustainable future, saying that the collaboration between the two nations offers tremendous promise in the fields of banking, renewable energy, digital innovation, agriculture, and education.
The Vice President referred to MSMEs as the foundation of Nigeria’s economy, since they make up over 84% of jobs and 96% of all enterprises.
He pointed out, saying: “Yet, they face significant challenges, including limited access to capital and markets. Swedish companies and investors can play a crucial role in helping Nigerian MSMEs overcome these barriers, particularly through access to technology and expertise in renewable energy, agriculture, and digital finance.”
The Vice President expressed gratitude for the digital economy’s substantial GDP contribution and gave the examples of Paystack and Flutterwave, two projects that garnered international notice and “with Nigerian tech start-ups receiving over $1 billion in funding in 2022.”
