Russian firms plan to invest in Nigeria

A collection of Russian firms has indicated an interest in doing business in the nation by investing in various sectors of the economy. 

This was revealed yesterday in Abuja during a Nigerian-Russian business meeting organized by the Abuja Chamber of Commerce and Industry (ACCI) in collaboration with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigerians in Diaspora Organization Russia (NIDO), and the Nigerian Embassy in Russia. 

Mr. Ivan Klevtsov, delegation leader and CEO of Metalwork, a Russian-based manufacturing, and engineering firm, addressed on behalf of his colleagues, saying they were interested in researching Nigerian market needs and establishing a market enterprise. 

Oil and gas, mineral development, security, and financial technologies are among the firms’ areas of focus.  

The goal, he says, is to establish a service center for Russian producers. 

“People can simply maintain items created by Russian firms and Nigerian firms making identical things.” 

“We intend to create a technical support station for manufacturing in Nigeria, which would reduce the importation of equipment components,” he added. 

Earlier, Prof. Abdullahi Shehu, Nigeria’s Ambassador to the Russian Republic, stated that Russia has a lot of promise for Africa. 

“The problem, then, is for Russia to comprehend Africa, to open up and be willing to do business with Africa.” 

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He urged the private sector to be actively involved in business and to build networks with the business community, noting that this would increase trade volume.  

“I don’t want to come out as dissatisfied with the trade volume since it was less than $300 million two years ago, and for us to achieve $600 million despite the impact of COVID-19 is substantial development.” 

“We praise ourselves, but there is always an opportunity for growth, which is why we’re here today,” Shehu remarked. 

Mr. Jani Ibrahim, NACCIMA’s 2nd Deputy President, stated that the meeting will strengthen bilateral cooperation between the two nations in order to promote inclusive economic growth. 

According to Ibrahim, NACCIMA tells you that the Nigerian private sector is dedicated to collaborating with the Russian private sector in order to increase our trade volumes.  

“NACCIMA advises that Nigeria and Russia elevate their bilateral ties to a new level of functional cooperation, an important and strategic economic sample, in order to boost both the amount and quality of trade and investments,” Ibrahim added.