Sweden invites FG to submit projects for financing

The Swedish Government has extended an invitation to Nigeria's Federal Government to present priority development projects for possible financing, technical assistance, and investment support. Following a meeting between officials and a Swedish delegation led by Ambassador Anna Westerholm in Abuja, the Swedish Embassy and the Trade Commissioner in Nigeria have been tasked to accept proposals from Nigeria. Westerholm assured that these proposals would be reviewed by the appropriate Swedish institution.

The potential cooperation areas identified include digital infrastructure, artificial intelligence, data centres, energy, transport, agriculture, and tourism. Both countries aim to deepen economic ties through "Team Sweden," a model that facilitates various forms of support in different stages of project development and investment. The Swedish delegation is prepared to assess and match proposals with institutions capable of providing the necessary support.

Minister of Budget and Economic Planning, Mr. Abubakar Bagudu, highlighted the importance of project preparation in bridging the gap between development priorities and available financing. He identified digital infrastructure, telecommunications, data centres, and artificial intelligence as key areas for stronger cooperation with Sweden. The National Development Finance Corporation is seen as a mechanism to enhance Nigeria's capacity to develop, structure, and finance strategic projects.

Dr. Doris Uzoka-Anite, Minister of State for Budget and Economic Planning, emphasized the government's focus on identifying investment opportunities across Nigeria's states and local communities. The aim is to absorb capital, develop suitable projects, and strategically de-risk investments to build confidence among private-sector investors.

For the Swedish Export Credit Agency, Katarina Hirsch mentioned the agency's ability to offer export guarantees and risk coverage to support Swedish exports and participation in strategic projects in Nigeria.