Nigeria secures $119M investment for tech growth

The Nigerian government has announced the successful acquisition of approximately $119 million in investments aimed at enhancing tech hubs and supporting micro, small, and medium enterprises (MSMEs).

This significant investment comes from Gluwa, a digital wallet service, and Ericsson, a leading telecommunications company.

The announcement was made by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, during a press release on October 17, 2024.

The investment follows Vice President Kashim Shettima’s recent appeal to global investors at a business meeting with Swedish businesses in Stockholm, where he highlighted Nigeria’s rapidly expanding investment climate that offers numerous opportunities.

According to the presidency, Akinola Jones, Director of Gluwa, revealed plans to train over 30,000 Nigerians in digital skills, contributing to President Bola Tinubu’s Renewed Hope Agenda.

Jones stated that Gluwa is “committing $100 million across Nigeria” and aims to connect underserved populations through innovative banking solutions and satellite technology.

Additionally, Ericsson’s Managing Director for Nigeria, Peter Olusoji Ogundele, announced plans to establish a $19 million technology hub, emphasizing the potential of Nigeria’s youth in the tech sector.

Ogundele remarked, “We can train them, and some of them we can export to the world, making us another India.”

The Swedish Vice President, Edgar Luczak, expressed optimism about strengthening economic ties through collaboration, aiming to create jobs and foster sustainable growth.

Vice President Shettima reiterated the Nigerian government’s commitment to reforms that enhance the business environment, attracting both foreign and domestic investments, particularly in sectors like digital economy, renewable energy, and agriculture.