Nigeria, Sweden Move To Unlock Financing For Strategic Projects

Nigeria and Sweden have agreed to deepen economic cooperation and explore financing opportunities for strategic development projects, with emphasis on infrastructure, digital technology, energy, transport, agriculture and tourism.

The commitment was reached on Tuesday during a high-level meeting between the Federal Ministry of Budget and Economic Planning and a Swedish delegation led by the Swedish Ambassador to Nigeria, Anna Westerholm, in Abuja.

Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said Nigeria was seeking to strengthen its capacity to prepare bankable projects capable of attracting long-term domestic and international investment.

Bagudu said effective project preparation was critical to bridging the gap between Nigeria’s development priorities and available financing, stressing that properly structured projects would help mobilise private and institutional capital.

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 financing instruments.

The minister identified digital infrastructure and telecommunications as key areas for stronger cooperation with Sweden, citing opportunities in data centres, artificial intelligence, technology development and digital skills.

He said Nigeria’s large youthful population offered significant opportunities for developing digital talent and strengthening the country’s position in the global digital economy.

Bagudu also pointed to investment opportunities at the state and local government levels, saying the Federal Government had mapped economic opportunities across the country’s wards to identify local drivers of prosperity, challenges and areas with investment potential.

According to him, opportunities exist in infrastructure, transport, agriculture, tourism and other productive sectors, while the 36 states offer additional opportunities for projects capable of attracting private and institutional capital.

He stressed the need to sustain Nigeria’s economic reforms and strengthen investor confidence as the country seeks to mobilise long-term investment.

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 domestic and international capital.

She identified tourism as one of the sectors with significant potential, noting that states could develop projects based on their respective economic strengths, resources and comparative advantages.

Uzoka-Anite said the Federal Government was focused on identifying opportunities capable of absorbing capital, developing suitable projects and using the budget system strategically to de-risk investments and improve investor confidence.

She added that Nigeria’s ambition to build a $1 trillion economy required effective mobilisation of investment opportunities across the country, including at state and local levels.

On the Swedish side, 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.

She said Sweden remained committed to supporting Nigeria through the coordinated “Team Sweden” approach, which brings together Swedish institutions involved in trade promotion, export financing, guarantees, development cooperation and investment mobilisation.

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

She assured that submitted proposals would be directed to the Swedish institution best positioned to provide the required financing, guarantees, technical assistance or investment support.

Representing the Swedish Export Credit Agency (EKN), Senior Underwriter, 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.

She highlighted Swedish expertise in agribusiness, energy, infrastructure, transport and railways, while stressing the importance of early project preparation and appropriate financial structuring.

The Swedish Export Credit Corporation (SEK), represented by Director of Origination and Strategic Partnerships, Ida Littorin, said the institution provides long-term financing solutions under Sweden’s export-credit system and works with international and commercial banks to structure financing for viable projects.

Representing the Swedish International Development Cooperation Agency (SIDA), Infrastructure Finance Manager, Mximilian Jonsson, epressed interest in exploring opportunities for technical assistance, infrastructure financing, institutional strengthening and private-capital mobilisation.

The meeting also examined opportunities for cooperation in artificial intelligence, data centres, energy, transport, agriculture and tourism.

Both sides agreed to maintain continuous engagement and develop a practical mechanism for identifying, preparing and presenting priority Nigerian projects to Team Sweden.

The Swedish delegation expressed readiness to assess project proposals from Nigeria and coordinate with relevant Swedish institutions to move suitable projects from identification and preparation through bankability, financing and implementation.

The engagement is expected to provide a framework for translating Nigeria-Sweden economic cooperation into concrete investment and development projects while strengthening bilateral economic ties