Nigeria has secured a significant boost to its tech sector with a $119 million investment from Gluwa and Ericsson. The investment will be used to support tech hubs and MSMEs in the country.
The announcement was made by Vice President Kashim Shettima following his engagement with Swedish businesses in Stockholm. Shettima emphasized Nigeria’s commitment to creating a conducive environment for foreign investment, highlighting sectors like the digital economy, agriculture, and renewable energy as key growth areas.
Gluwa, a digital wallet provider, is investing $100 million in Nigeria and plans to train over 30,000 Nigerians in digital skills. The company aims to promote financial inclusion and improve connectivity through a satellite launch that will provide direct WiFi access by December 2024.
Ericsson, a global technology leader, will establish a $19 million technology hub in Nigeria. The company believes that Nigeria’s youthful population can be trained and exported as skilled professionals to the global market, similar to India’s experience in the technology sector.
The investment from Gluwa and Ericsson is a significant step towards supporting Nigeria’s MSMEs, which account for a substantial portion of the country’s economy. By providing access to capital, training, and technology, these investments can help MSMEs overcome challenges and contribute to the country’s economic growth.
Nigeria’s thriving digital economy has already attracted significant global attention, with companies like Flutterwave and Paystack securing substantial funding. The new investment from Gluwa and Ericsson will further fuel innovation and create job opportunities in the tech sector.