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 seek to deepen economic cooperation.
The Federal Ministry of Budget and Economic Planning disclosed this in a statement issued on Tuesday following a meeting between its officials and a Swedish delegation led by the Swedish Ambassador to Nigeria, Anna Westerholm, in Abuja.
According to the statement, Westerholm asked the government to submit proposals through the Swedish Embassy or the Trade Commissioner to Nigeria at Business Sweden, Marlena Batist Hager.
“She invited the Nigerian Government to submit priority project proposals through the Swedish Embassy or through the Trade Commissioner to Nigeria at Business Sweden, Mrs Marlena Batist Hager, and assured that the proposals would be directed to the appropriate Swedish institution for consideration,” the statement said.
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It added that the Swedish delegation was ready to assess proposals and match them with institutions capable of providing financing, guarantees, technical assistance or investment support.
Potential areas of cooperation identified at the meeting included 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 involved in trade promotion, export financing, guarantees, development cooperation and investment mobilisation.
According to her, the model allows Sweden to provide different forms of support across various stages of project development and investment.
The Minister of Budget and Economic Planning, Abubakar Bagudu, said the engagement was timely as Nigeria sought to strengthen its ability to prepare bankable projects capable of attracting domestic and international capital.
He stressed that project preparation was essential to bridging the gap between development priorities and available financing, noting that properly structured projects were necessary to mobilise private and institutional capital.
Bagudu also identified the proposed National Development Finance Corporation as a mechanism for improving Nigeria’s capacity to develop, structure and finance strategic projects through project-preparation facilities, guarantees and other instruments.
He identified digital infrastructure and telecommunications as key areas for stronger cooperation with Sweden, particularly data centres, artificial intelligence, technology development and digital skills.
The minister also highlighted 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 de-risk investments and build greater confidence among private-sector investors.”
Uzoka-Anite added that Nigeria’s ambition to build a $1tn economy required the mobilisation of investment opportunities across the country.
Speaking for 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 Swedish expertise in agribusiness, energy, infrastructure, transport and railways, stressing that early project preparation and financial structuring were necessary to make 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 financing for viable projects.
She stressed that project bankability and appropriate financial structuring were essential to unlocking funding for major development projects.
Also, the Infrastructure Finance Manager at the Swedish International Development Cooperation Agency, Maximilian Jonsson, expressed interest in technical assistance, infrastructure financing, institutional strengthening and mobilising private capital.
Both sides agreed to establish a practical mechanism to identify, prepare, and present priority Nigerian projects to Team Sweden.
“The Swedish delegation expressed readiness to analyse project proposals submitted by the Nigerian Government and to coordinate internally to ensure that each proposal reaches the Swedish institution best suited to provide the required financing, guarantee, technical assistance or investment support,” the ministry said in its statement.
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