Nigeria Secures $119 Million Investment for Tech Hubs, MSMEs from Gluwa and Ericsson

The federal government of Nigeria has secured $119 million in investments for tech hubs and MSMEs through strategic partnerships with Gluwa, a digital wallet provider, and Ericsson. 

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.