The Federal Government of Nigeria and Sweden have agreed to deepen economic cooperation.

The two countries will focus on project preparation, infrastructure, digital development, financing and private sector participation.

The agreement was reached at a meeting between the Federal Ministry of Budget and Economic Planning and a Swedish delegation in Abuja on Tuesday.

The Swedish delegation was led by the Swedish Ambassador to Nigeria, Ms Anna Westerholm.

Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, thanked Sweden for its continued support, especially in project preparation.

Bagudu said Nigeria is working to prepare bankable projects that can attract local and foreign investment.

He said well-prepared projects are needed to mobilize private capital.

He said the proposed National Development Finance Corporation will help develop and finance strategic projects through guarantees and other instruments.

The minister said digital infrastructure and telecommunications are priority areas for cooperation with Sweden. He listed opportunities in data centres, artificial intelligence and digital skills.

He said Nigeria’s youthful population is an asset for developing digital talent.

Bagudu said investment opportunities have been mapped across wards in Nigeria, covering infrastructure, transport, agriculture and tourism.

Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said there are investment opportunities across the 36 states.

She said the government is working to identify projects at state and local levels that can attract investment. She said tourism has huge potential.

She said the government is using the budget system to reduce investment risks and build confidence among investors. She said Nigeria needs to mobilize investment to achieve its 1 trillion dollar economy target.

Ambassador Westerholm said Sweden opened a Trade Office in Lagos in April 2025, which she described as a milestone in bilateral relations.

She said Sweden will support Nigeria through the Team Sweden approach, which brings together Swedish institutions for trade, export financing and investment.

She asked Nigeria to submit priority project proposals through the Swedish Embassy or through the Trade Commissioner to Nigeria at Business Sweden, Mrs Marlena Batist Hager.

Representative of the Swedish Export Credit Agency, Ms Katarina Hirsch, said the agency provides export guarantees to support Swedish participation in projects in Nigeria. She listed agribusiness, energy, infrastructure and transport as areas of expertise.

Representative of the Swedish Export Credit Corporation, Ms Ida Littorin, said the institution provides long-term financing and works with international banks to fund viable projects.

Representative of the Swedish International Development Cooperation Agency, Mr Maximilian Jonsson, said the agency will explore technical assistance and infrastructure financing.

Both sides agreed to maintain engagement and create a mechanism to identify and prepare priority projects for financing and implementation.

The Ministry and the Swedish ex delegation reaffirmed commitment to translate shared priorities into investment outcomes.