Norrsken22: Investments from Sweden focused on commercial growth & impact

Sweden and Nigeria have long enjoyed a close relationship, but recent collaborations are bringing them even closer together. The finance minister of Sweden recently visited Nigeria, and in turn, the vice president and the minister of technology from Nigeria visited Sweden. These visits have focused on investments, knowledge sharing, best practices in governance, promoting technology innovations, and strengthening import-export relationships, particularly in the area of food security. Surprisingly, Nigeria exports more to Sweden than it imports from the country, highlighting the potential for further growth and collaboration. Lexi Novitske, General Partner at Norrsken22, highlighted the importance of these collaborations during a chat with CNBC Africa, emphasizing that investors are not only looking for areas of commercial growth but are also driven by the scale of impact that can address real challenges on the ground. The recent visit between the two nations has sparked interest from Swedish investors in the African market, specifically Nigeria, due to its large population and the success already seen in the tech industry. Nigerian companies have been making a mark globally through lists like the Impact 100, which recognizes tech companies driving impact worldwide. With Swedish investors showing keen interest in the African tech scene, the focus is on attracting more investments while adhering to best practices in governance and strengthening bilateral relationships to facilitate the expansion of businesses between Sweden and Nigeria. The aim is for Nigerian entrepreneurs to be able to tap into the Swedish market and vice versa, leveraging technology and investments for mutual benefit. Swedish investors are actively engaging with Africa, with notable players like Catapult, the Norrsken Fund, and Norrsken22 investing in African-specific ventures. These investments not only seek commercial returns but also aim to drive economic growth, employment, financial and healthcare access through digital solutions. Swedish companies already operating in Nigeria play a crucial role in showcasing the opportunities and potential of the market to other investors and entrepreneurs in Sweden and Europe. Their experience and success stories serve as a testament to the viability of doing business in Nigeria, encouraging more investments and collaborations. The focus on sectors like agri-tech and renewable energy highlights a shift towards investing in climate-friendly and sustainable technologies. With climate change posing significant challenges for Nigeria, such investments not only bring commercial opportunities but also address critical environmental issues. Collaborations between Nigeria and Sweden aim to tailor these technologies to suit local challenges, fostering innovation and impactful solutions for the Nigerian ecosystem. The emphasis is on leveraging Swedish expertise to create sustainable solutions that address pressing issues such as droughts, flooding, and other climate-related concerns. Looking at opportunities for Nigerian businesses in Sweden, there is potential for Nigerian tech talent to contribute to global tech companies based in Sweden and vice versa. Companies like Spotify, Skype, and Delivery Hero are actively seeking top talent, presenting opportunities for Nigerian entrepreneurs to work for these global tech giants either remotely or by relocating to Sweden. This exchange of talent not only brings in valuable foreign currency but also broadens the skill set and experience of Nigerian professionals, which can be beneficial when they return to Nigeria to start their businesses. The collaboration between global remote workers and local gig workers, facilitated by tech tools like Rainist, further enhances the seamless flow of talent and resources between countries, contributing to the growth of both economies.