By Palma Ileye
Federal Government has intensified efforts to deepen economic cooperation with Sweden, particularly in project preparation, infrastructure development, investment mobilisation, digital infrastructure and financing for strategic development projects.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, stated this on Tuesday in Abuja when he received a delegation from Sweden led by the Swedish Ambassador to Nigeria, Ms. Anna Westerholm.
Bagudu said the engagement was timely as Nigeria advances its development priorities and seeks to strengthen its capacity to prepare bankable projects capable of attracting domestic and international investment.
He stressed that effective project preparation was critical to bridging the gap between development priorities and available financing, adding that properly structured projects were essential to mobilising private and institutional capital.
The Minister also identified the proposed National Development Finance Corporation as an important mechanism for strengthening Nigeria’s capacity to develop structure and finance strategic projects through project-preparation facilities, guarantees and other financing instruments.
He said digital infrastructure and telecommunications presented significant opportunities for increased cooperation with Sweden, particularly in data centres, artificial intelligence, technology development and digital skills.
According to him, Nigeria’s large and youthful population remains a major asset for developing digital talent and strengthening the country’s position in the global digital economy.
Bagudu also highlighted investment opportunities at the subnational and local levels, saying the government had mapped economic opportunities across the country’s wards to identify local drivers of prosperity, challenges and areas with investment potential.
He listed infrastructure, transport, agriculture and tourism among sectors with investment opportunities, noting that the 36 States could develop projects capable of attracting private and institutional capital.
The Budget Minister further emphasised the need to sustain Nigeria’s economic reforms and strengthen investor confidence as the country seeks to mobilise long-term domestic and international investment.
Also speaking, the Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, said the Federal Government was working to identify investment opportunities across the 36 States and encourage subnational governments to develop projects capable of attracting capital.
Uzoka-Anite identified tourism as one of the sectors with considerable potential, noting that states could develop projects based on their economic strengths, resources and comparative advantages.
She said the government was focused on identifying opportunities to absorb capital, developing suitable projects and using the budget system strategically to de-risk investments and boost confidence among private-sector investors.
The Minister of State said Nigeria’s ambition to build a $1 trillion economy would require effective mobilisation of investment opportunities across the country, including at the State and Local levels.
On her part, Ambassador Westerholm recalled the opening of the Swedish Trade Office in Lagos in April 2025, describing it as an important milestone in Nigeria-Sweden relations.
Representing the Swedish Export Credit Agency (EKN), Ms Katarina Hirsch, Senior Underwriter, Infrastructure and Telecom, said the agency could provide export guarantees and risk coverage to support Swedish exports and participation in strategic Nigerian projects.
Hirsch identified agribusiness, energy, infrastructure, transport and railways as areas where Swedish expertise could support Nigeria, stressing the importance of early project preparation and financial structuring.
Similarly, Ms. Ida Littorin, Director, Origination and Strategic Partnerships at the Swedish Export Credit Corporation (SEK), said the institution provides long-term financing solutions and works with international and commercial banks to structure financing for viable projects.
