Nigeria: Russian investors target Nigeria’s agriculture, oil and gas sectors
Russian investors have announced their intention to invest in Nigerian agriculture and oil and gas sectors in the coming years.
According to the Nigerian Ambassador to Russia, Professor Abdullahi Shehu, these investors are also seeking to help Nigeria cope with its high level of insecurity with massive investments in security equipment.
Shehu said this at the Nigeria-Russia Business Forum he jointly organized with the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.
He said, however, that the volume of trade between Nigeria and Russia increased from $ 300 million to $ 600 million in three years.
He said, however, that the trade that is in favor of the Russian government is due to the massive export of machinery to Nigeria, although he said that plans were underway to encourage Nigerian manufacturers to export finished products taking into account take into account product competitiveness standards.
He also said that Nigeria and Russia have entered into bilateral trade relations aimed at fostering relations between the two countries in the sectors of agriculture, oil and gas and security equipment.
The Ambassador said the objective of the mission is to interact with Nigerian businesses and understand market systems to mitigate risks and promote bilateral relations in several sectors of the Nigerian economy.
He highlighted Nigeria’s position as an entry point for Russia and other companies in Africa, said the African Continental Free Trade Area (AfCFTA) will also ensure high returns on investment.
He said a key area beneficial to the bond is steel development; an important component of the industrialization of any country with a significant contribution to the gross domestic product, job creation among others.
Shehu praised the efforts of President Muhammadu Buhari’s administration to make significant reforms aimed at creating a better Nigerian business environment and improving its ranking of the ease of doing business.
However, he instructed the government to pay more attention to the issue of insecurity and corruption to further stimulate investment and allow the country to take its rightful place within the community of nations.
Shehu instructed Nigerians in the diaspora to continue supporting the country not only with remittances, but also with solid investments to spur economic growth and development.
“Economic diplomacy is a main focus of our foreign policy and we have galvanized the skills, expertise of Nigerians abroad through foreign direct investment to stimulate economic development. Within the framework of the Organization of oil-exporting country (OPEC +), Russia is a country that we must commit to being one of the largest oil and gas merchants in the world.
“In the area of security, Russia has great potential that can help Nigeria in its current situations, but diplomacy means that the country must be invited before it can intervene. Lagos because of its strategic location as an exporting state and its proximity to raw materials, the market, the port, etc. positions itself as a state of choice for investments, ”he said.
Lagos Chamber of Commerce and Industry (LCCI) vice president Mr. Knut Ulvmoen said Nigeria’s business environment has improved remarkably.
This, he said, followed the government’s determination through the Presidential Council for the Business Environment (PEBEC) to remove structural bottlenecks to the ease of doing business.
Ulvmoen said the country’s business landscape offers many opportunities for potential and existing investors to expand their investment engagement or for new investors planning to bring new investments to the country.
He said the areas of opportunity included favorable demographics, high population, diversification efforts and strong financial markets.
“Nigeria has the largest economy in Africa, with a nominal GDP of around $ 450 billion and its enormous economic size has attracted several international investors across the world. The economy is widely diversified in terms of activities in the industrial, service and agricultural sectors, ”he said. noted.
Nigerians in Diaspora (NIDO) Russia President Samson Uwem said exposure to Russian affairs and vice versa will lead to technology exchanges and technical training of staff.
Umem urged the government to further tackle the issues hampering trade and investment in Nigeria to encourage more Russian companies to partner and locate production in Nigeria.
Metalwork, Russia CEO Mr. Ivan Klevstov said he was ready to explore the Nigerian market and develop a presence strategy in Nigeria.
The metallurgy trading house is part of the Euroasian group which provides services in housing, industrial equipment, electronics, oil drilling, security system, among others, of several companies based in Russia.
We are looking to open technical support stations for Russian manufacturers in Nigeria to help Nigerians get spare parts and other services from Russia on time, ”he said.