The Federal Government and Sweden have agreed to develop a practical mechanism for identifying, preparing and presenting priority Nigerian projects to Swedish financing and guarantee institutions. This agreement was reached at a meeting between the Federal Ministry of Budget and Economic Planning and a Swedish delegation led by Ambassador Anna Westerholm in Abuja on Tuesday, September 30, 2026. The meeting aimed to strengthen bilateral relations and explore financing options for strategic projects in Nigeria.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, emphasized the importance of project preparation in bridging the gap between development priorities and available financing. He stated that well-structured projects are essential to attracting private and institutional capital. Bagudu cited the proposed National Development Finance Corporation as a vehicle to develop, structure and finance strategic projects through project-preparation facilities, guarantees and other instruments.
Bagudu identified digital infrastructure and telecommunications as priority areas for cooperation, pointing to data centres, artificial intelligence and digital skills. He described Nigeria’s large youthful population as an asset for building digital talent. The minister also mentioned that the country had mapped economic opportunities across its wards, with openings in infrastructure, transport, agriculture and tourism. These areas are expected to attract Swedish investments and financing.
Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said the Federal Government was working to identify investment opportunities at the subnational level and encourage states to develop bankable projects. She emphasized that the government would use the budget system strategically to de-risk investments and build private-sector confidence. According to her, Nigeria’s ambition of a $1 trillion economy depends on mobilising investment across states and local governments.
Ambassador Anna Westerholm recalled the opening of the Swedish Trade Office in Lagos in April 2025, describing it as an important milestone in bilateral relations. She said Sweden would continue to support Nigeria through its “Team Sweden” approach, which brings together institutions handling 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.
The Swedish delegation, which included representatives from various institutions, offered different forms of support for Nigerian projects. Senior Underwriter, Infrastructure and Telecom, at the Swedish Export Credit Agency (EKN), Ms Katarina Hirsch, said the agency could provide export guarantees and risk coverage for Swedish participation in projects in Nigeria. Meanwhile, Director, Origination and Strategic Partnerships, at the Swedish Export Credit Corporation (SEK), Ms Ida Littorin, said the institution provides long-term financing and works with commercial banks.
The meeting concluded with both parties expressing their commitment to strengthening economic ties and exploring financing options for strategic projects in Nigeria. Key areas of focus include infrastructure financing, institutional strengthening and private capital mobilisation. The Nigerian Government is expected to submit priority project proposals to Swedish institutions, which will then be routed to the appropriate institution for consideration.
Key points
- The Federal Government and Sweden have agreed to develop a mechanism for identifying and financing priority Nigerian projects.
- Nigeria and Sweden will focus on digital infrastructure, telecommunications and other sectors for cooperation.
- The two countries aim to strengthen bilateral relations and mobilise investment across states and local governments.
