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Nigeria Secures $119 Million in MSME and Tech Investments from Ericsson and Gluwa

Nigeria lands $119 million in investments for MSMEs and the tech sector from Ericsson and Gluwa, following VP Shettima’s meeting with Swedish investors.
Nigeria MSME and Tech Investments

Nigeria has secured $119 million in investments from Ericsson and Gluwa, marking a major boost for the country’s Micro, Small, and Medium Enterprises (MSME) and tech sectors. Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communication made this announcement on October 17, 2024.

The investments follow a productive meeting between Vice President Kashim Shettima and Swedish investors in Stockholm, where VP Shettima urged them to explore Nigeria as a promising investment destination. He highlighted the vast opportunities the country offers, particularly in the technology and MSME sectors.

Gluwa’s Commitment to Digital Skills and Financial Inclusion

Gluwa, a digital wallet firm, committed to providing $100 million in loans to support financial inclusion in Nigeria. Akinola Jones, Gluwa’s Executive Director, outlined the company’s vision for the country:

“We have a big vision for Nigeria, particularly in banking the unbanked and connecting the unconnected. Our upcoming satellite launch in December will enable satellite-to-WiFi connections, significantly boosting Nigeria’s technology ecosystem,” Jones said.

In addition to its financial commitment, Gluwa aims to train 30,000 Nigerians in digital skills to enhance the nation’s workforce and further drive innovation in the tech sector.

Ericsson’s Vision for a Nigerian Tech Hub

Ericsson Nigeria set to invest $19 million to create a technology hub modeled after Silicon Valley. The hub aims to harness Nigeria’s youthful population by training and exporting tech talent globally.

“We want to help Nigeria become another India in terms of tech talent exports,” said Peter Olusoji Ogundele, Managing Director of Ericsson Nigeria.

Ericsson’s longstanding presence in Nigeria, dating back to 1978, underscores its commitment to the country’s technological advancement. The company remains a key player in Nigeria’s telecom infrastructure, having been the first to establish over 1,000 sites in the country.

Vice President Shettima Highlights Economic Reforms and Opportunities

In a statement released by 9am News, Vice President Shettima emphasized the government’s efforts under President Bola Tinubu’s administration to introduce bold economic reforms aimed at attracting investments and fostering sustainable growth.

“President Bola Tinubu’s administration is carrying out deep economic reforms through bold steps like the unification of exchange rates and the removal of fuel subsidies. These reforms are essential for restructuring the economy to ensure long-term growth,” Shettima explained.

The Vice President also highlighted the importance of MSMEs, which contribute 84% of employment and 96% of businesses in Nigeria. He noted that Swedish investments, particularly in technology, renewable energy, and digital finance, can help MSMEs overcome challenges related to capital access and market expansion.

Nigeria’s Growing Tech Sector

Shettima further praised Nigeria’s digital economy, which has gained significant attention globally. He cited examples of Flutterwave and Paystack, two Nigerian fintech giants, which have attracted over $1 billion in funding. These success stories reflect the immense potential of Nigeria’s tech startups and the global interest they have garnered.

With this latest investment deal, Nigeria set to strengthen its position as a leading destination for technology and innovation in Africa, while also empowering MSMEs to drive the nation’s economic growth.

Stay tuned to 9am News Nigeria for more Breaking News, Business NewsSports updates And Entertainment Gists.

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