This was revealed in a statement released 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 emphasised Nigeria’s focus on creating an attractive environment for foreign investment, pointing to the digital economy, agriculture, and renewable energy as key growth sectors. 

He noted the government’s efforts to ensure a competitive business sector, supported by recent financial reforms like the unification of exchange rates and fuel subsidy removal. 

Shettima encouraged Swedish investors to explore the expanding opportunities in Nigeria, noting that the country’s ambitions are aligned with the evolving demands of the Fourth Industrial Revolution.

Gluwa’s Director, Akinola Jones, announced that the company is investing $100 million in Nigeria and will also train over 30,000 Nigerians in digital skills. Jones stated that Gluwa’s goal is to promote financial inclusion by “banking the unbanked and connecting the unconnected.”

The company aims to significantly boost connectivity by launching a satellite to provide direct WiFi access by December 2024.

In addition to offering loans worth $100 million, Jones highlighted Gluwa’s focus on impactful investments that align with Nigeria’s broader development agenda.

Similarly, Ericsson’s Managing Director in Nigeria, Peter Olusoji Ogundele, revealed plans to establish a $19 million technology hub in the country. He stated that the country’s youthful population can be trained and potentially exported as skilled professionals to the global market, similar to India’s experience in the technology sector. 

Ericsson has been active in Nigeria since 1978 and continues to see the country as a long-term partner in the technology space.

Shettima reiterated the importance of MSMEs in Nigeria’s economy, noting that they account for 96% of businesses and over 84% of employment. However, he acknowledged the challenges faced by small businesses, including limited access to capital and markets. 

He urged Swedish companies to play a critical role in helping Nigerian MSMEs overcome these hurdles, particularly through technological advancements and expertise in digital finance, renewable energy, and agriculture.

The Vice President also pointed to Nigeria’s thriving digital economy, referencing local fintech giants Flutterwave and Paystack, which have attracted global attention and secured over $1 billion in funding in 2022 alone. He called for further collaboration between Swedish investors and Nigerian startups to fuel innovation and create job opportunities.

The team was recognized for their development of REINLIGHT, a portable water disinfection system that reduces numerous health risks and works in areas lacking electricity.  The team received EUR 5,000 for its efforts.

Team Schrodinger Energy says: “We are thrilled to have been awarded the third place in the Ericsson Innovation Awards 2022. The support and mentorship we received throughout the competition has been invaluable and we are grateful for the opportunity to make a difference with our portable water disinfection system. We will keep pushing until everyone has access to clean, portable water and we cannot wait to see the impact it will have on communities in need.”

Peter Olusoji Ogundele, Country Manager of Ericsson Nigeria says: “The Ericsson Innovation Awards is a crucial platform for nurturing the skills and creativity of young talent, and we are thrilled to see Team Schrodinger Energy win third place in this year’s competition. Their portable water disinfection system not only addresses a crucial problem faced by many communities, but also demonstrates the innovative spirit and potential of young talent in Nigeria. At Ericsson, we are dedicated to developing problem solvers and fostering a culture of innovation. We congratulate the team on their well-deserved recognition and are excited to see the impact their solution will have on improving public health and wellbeing.”

With more than 1,300 students from universities around the world participating, the theme of this year’s EIA was Impact Our Sustainable Future.

Entrants were asked to propose solutions and create technological products and solutions to tackle challenges such as food waste, water purity, and renewable energy sources.

The competition concluded at the Ericsson headquarters in Kista, Sweden, in December after more than six months of proposal development, mentorship from Ericsson solution and business professionals, and analysis.

More than EUR 50,000 in prizes were distributed.