SWEDEN INVITES NIGERIA TO SUBMIT PRIORITY PROJECTS FOR FINANCING, INVESTMENT

The Swedish Government has invited the Federal Government to submit priority development projects for possible financing, guarantees, technical assistance and investment support as both countries move to deepen economic cooperation.

The Federal Ministry of Budget and Economic Planning disclosed this in a statement on Tuesday following a meeting between Nigerian officials and a Swedish delegation led by the Swedish Ambassador to Nigeria, Anna Westerholm, in Abuja.

Westerholm urged the Nigerian Government to submit project proposals through the Swedish Embassy or the Trade Commissioner to Nigeria at Business Sweden, Marlena Batist Hager.

She assured that the proposals would be reviewed and directed to the appropriate Swedish institutions for consideration.

The Swedish delegation expressed readiness to assess Nigeria’s proposals and match them with institutions capable of providing financing, guarantees, technical assistance or investment support.

Key areas identified for potential cooperation include digital infrastructure, artificial intelligence, data centres, energy, transport, agriculture and tourism.

Westerholm said Sweden would support Nigeria through its “Team Sweden” approach, which brings together Swedish institutions responsible for trade promotion, export financing, guarantees, development cooperation and investment mobilisation.

According to her, the approach enables Sweden to provide different forms of support at various stages of project development and investment.

The Minister of Budget and Economic Planning, Abubakar Bagudu, described the engagement as timely, saying Nigeria was seeking to strengthen its capacity to prepare bankable projects capable of attracting domestic and international capital.

Bagudu emphasised the importance of project preparation in bridging the gap between development priorities and available financing, noting that properly structured projects were essential to mobilising private and institutional investment.

He also identified the proposed National Development Finance Corporation as a potential mechanism for strengthening Nigeria’s capacity to develop, structure and finance strategic projects through project-preparation facilities, guarantees and other financial instruments.

The minister highlighted digital infrastructure and telecommunications as priority areas for stronger cooperation with Sweden, particularly data centres, artificial intelligence, technology development and digital skills.

He also pointed to investment opportunities across Nigeria’s states and local communities in infrastructure, transport, agriculture, tourism and other productive sectors.

The Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said the government was working to identify investment opportunities at the subnational level and encourage states to develop projects capable of attracting capital.

She said the government was focused on identifying opportunities to absorb capital, developing suitable projects and using the budget system strategically to reduce investment risks and boost private-sector confidence.

Uzoka-Anite added that Nigeria’s ambition to build a $1 trillion economy would require the mobilisation of investment opportunities across the country.

Speaking on behalf of the Swedish Export Credit Agency (EKN), Senior Underwriter for Infrastructure and Telecom, Katarina Hirsch, said the agency could provide export guarantees and risk coverage to support Swedish exports and participation in strategic projects in Nigeria.

Hirsch identified agribusiness, energy, infrastructure, transport and railways as areas where Swedish companies have relevant expertise. She stressed that early project preparation and sound financial structuring were critical to making projects bankable.

The Director of Origination and Strategic Partnerships at the Swedish Export Credit Corporation (SEK), Ida Littorin, said the institution provides long-term financing solutions and works with international and commercial banks to structure funding for viable projects.

She similarly stressed the importance of project bankability and appropriate financial structuring in unlocking financing for major development projects.

Meanwhile, the Infrastructure Finance Manager at the Swedish International Development Cooperation Agency (Sida), Maximilian Jonsson, expressed interest in supporting technical assistance, infrastructure financing, institutional strengthening and efforts to mobilise private capital.

At the meeting, both sides agreed to establish a practical mechanism for identifying, preparing and presenting priority Nigerian projects to Team Sweden.

The ministry said the Swedish delegation was ready to analyse project proposals submitted by the Nigerian Government and coordinate internally to ensure that each proposal reaches the Swedish institution best suited to provide the required financing, guarantee, technical assistance or investment support.