Russian Organizations to Invest In Various Sectors Of The Nigerian Economy.

The Nigerian government expects investments from Russian firms, With the proposed investment finance spanning through various sectors of the economy.

This information was communicated during a meeting held in Abuja consisting of Russian and Nigerian business executives coordinated with The Abuja Chamber of Commerce and Industry, Nigerians in Diaspora Organization Russia (NIDO) and the Nigerian Embassy in Russia alongside Industry, Mines and Agriculture (NACCIMA)

CEO of Metalwork Ivan Klevtsov, a production firm based in Russia has revealed that the firm is intrigued and looking forward to identify opportunities in the Nigerian market. The Russian firms are particularly interested in specific sectors such as oil and gas, mineral development, security and financing technology. He further explained that the investment initiative is to develop a centralized service operation for Russian manufacturers.

His words, “People can easily maintain products made by Russian companies and Nigerian companies producing similar products. “ We have the plan to open a station for technical support for production in Nigeria, and this will cut down the importation of equipment parts.

Professor Abdullahi Shehu, Nigeria ambassador to Russia, stated that the European nation has potentials to succeed in Nigeria and Africa in general. He elucidated that private sector participation is paramount to ensure a free flow business network in the economy.

“The challenge, therefore, is for Russia to understand Africa, to open up and be ready to do business with Africa.

 “I don’t want to sound as if we are not satisfied with the trade volume because two years ago, it was less than $300 million and for us to reach $600 million despite the impact of COVID-19, it is significant progress.

“We commend ourselves, but there is room for improvement and that is why we are holding this meeting here today,’’ Shehu said.

 Dr Al-Mujtaba Abubakar, President of ACCI, layed emphasis on how Russian technology will foster growth and development.

Abubakar, who was represented by Victoria Akai, Director General of ACCI, also  said that Russia also needs Nigeria as a market for its industrial products and military equipment.

“Although the trade volume between Nigeria and Russia is still low, about less a billion dollars, as both countries have reaffirmed commitment to boosting the trade volume significantly, it is an opportunity to expand our trade volumes,”