Swedish investors seek investment opportunities in Nigeria

Hauwa Noroh Ali, Abuja

A delegation of Swedish companies on Tuesday visited the Ministry of Finance, looking for investment opportunities in critical sectors of the economy.

The delegation, led by Swedish Minister of Trade and European Union Affairs, Mrs Ann Linde, said it came to pave way for the country to benefit from the array of investors interested in long term investments in the country.

She said the investors indicated interest in providing ICT solution, power, financial services, transport, mining and health services in Nigeria.

The list of the Swedish businesses involved are Ignitia, Okpabi Finance, Hemocue, and financial institutions Swedish Exports Credit Guarantee Board and SEK Swebank.

“The delegation wants to know what measures the government is taking to tackle the current recession and what are its long term plans for financial stability in the economy.

“We want to know  the country’s financial policy directions and the roles its taking in tackling the issue of dollar shortage”

“A brief presentation on Nigeria’s challenges and general information will boost investor confidence,” she said.

She said that the companies providing financial services are willing to invest up to $350 million dollars

Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, represented by the Permanent Secretary of the Ministry, Mr Mahmoud Isa-Dutse, said that the government was determined to quickly revamp the economy.

He said that the main strategy to do this and take the country out of recession was diversification of the economy.

Despite the shock of the dwindling oil prices, the Federal Government is determined to absorb the shock of oil prices.

“We are currently focused on diversifying the economy by improving investments in key sectors with potential to create jobs and have other multiplier effects in the economy.

“With this in mind the  government has introduce programmes to improve the agriculture, manufacturing and mining sectors, among others.

“We are working assiduously to fix the entire value chain,” he said.

Isa-Dutse talked about the challenges of vandalism in the Niger-Delta and the Boko Haram menace which continued to impact negatively on government revenues.

Nigeria is the second largest trade partner with Sweden, with a total volume of trade now in excess of 550 million dollars and a 65 per cent increase.

The relationship has been very mutual with both countries contributing significantly to the growth of each other’s economy.

A number of Swedish companies are established in Nigeria, including Ericsson, ABB, Atlas Copco, Tetra Pak, Gulf Agency Company, Flexenclosure, Oriflame and Sandvik.