Sweden Looks To Have Closer Economic Ties With Nigeria

Sweden Looks To Have Closer Economic Ties With Nigeria

From The Guardian

In recognition of the immense investments opportunities in the country, the Swedish Government has initiated fresh moves to establish closer economic ties with Nigeria.

Sweden, whose present trade volume with Nigeria grew by over 62 per cent, reaching $1 billion as at 2011, noted that there is a shift in Africa, focused on building sustainable activities to grow trade and investments.

In a session with journalists from Nigeria, South Africa and Kenya yesterday, in Oslo, Sweden, State Secretary, Ministry of Foreign Affairs, Gunnar Oom said there has been a clear change in business climate, with huge growth coming from Africa, which is presently not seen in Europe, stressing that countries like Nigeria, South Africa must continue to work harder to improve their foreign development ties.

Oom, who said emerging markets like South Africa and Nigeria are critical to Sweden, added that this will facilitate foreign investments.

Besides, Sweden has also advised Nigeria in particular, to develop its Business Process Outsourcing (BPO), scheme ,stressing that the country has what it takes to excel.

While calling for closer ties with Nigeria, Oom, who said the country is one of the richest in the world, noted that for the country to attract more foreign investment, basic infrastructural facilities are critical.

The Swedish State Secretary, Ministry of Foreign Affairs said issues around electricity; good road networks and other infrastructure development should be Nigeria’s priority at this time.

“Nigeria is very rich. In fact, one of the richest in the world, but 10 per cent of the population have access to electricity. There is need to work on that. We have seen appreciable growth in telecommunications, but operators should strive towards accelerating data growth because that is where the world is going now.

Read more at The Guardian.