In a major boost to Nigeria’s technology and small business sectors, the Nigerian government has secured approximately $119 million in investments aimed at driving digital innovation and supporting Micro, Small, and Medium Enterprises (MSMEs). The investments come from Gluwa, a digital wallet service provider, and Ericsson, a global telecommunications giant, following strategic efforts to attract foreign investment into Nigeria’s growing tech ecosystem.
The announcement was made through a press release by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President). The deal followed Vice President Kashim Shettima’s engagement with Swedish business leaders in Stockholm, where he highlighted Nigeria’s potential as a key destination for investment in the tech sector.
Gluwa, which committed $100 million, aims to significantly impact the Nigerian digital economy. Akinola Jones, Director of Gluwa, emphasized the company’s focus on promoting financial inclusion. “We have a big vision for Nigeria, and I think our vision is banking the unbanked and connecting the unconnected,” Jones said. Gluwa plans to train over 30,000 Nigerians in digital skills and is set to launch a satellite by December 2024 that will connect satellite to WiFi, a first for Nigeria’s tech ecosystem.
On its part, Ericsson is investing $19 million to establish a technology hub in Nigeria.
According to Peter Olusoji Ogundele, Managing Director of Ericsson Nigeria, the company has long been committed to the country’s growth, having operated there since 1978. “Nigeria has enough youths who can come into that field. We can train them… making us another India,” he noted.
Vice President Shettima expressed confidence in Nigeria’s investment climate, stating that recent economic reforms under President Bola Ahmed Tinubu, such as the unification of exchange rates and removal of fuel subsidies, were creating a competitive business environment. “The nation is now an ambitious one, bound by the limitless potential of the Fourth Industrial Revolution,” he remarked, pointing to the opportunities in digital innovation, agriculture, and renewable energy.
The partnership with Swedish businesses, Shettima believes, will play a pivotal role in shaping Nigeria’s future, driving job creation, and securing sustainable economic growth for generations to come.
