Why Russian investors should localise production in Nigeria - Envoy
Thompson Nsisongabasi
Aug 01, 2023
Amb. Abdullahi Shehu, Nigerian Ambassador to the Russian Federation on Tuesday encouraged investors from Russian to localise the production of their goods in Nigeria.
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Shehu, in an interview with the News Agency of Nigeria (NAN) in Moscow urged the Russian investors to explore the enormous potential in Africa, particularly Nigeria.
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Speaking on the just concluded 2nd Russia-Africa Economic and Humanitarian Summit, Shehu identified trade as one of the areas Nigeria would focus in its economic cooperation with Russia.
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According to him, with the platform provided by the summit we can see that there are areas that each country can focus on.
"These include the area of trade. Almost all African countries are interested in trading with Russia. But the point that the Nigerian delegation made is that trade is good but investment and financing are better.
"It is so because under the current geopolitical situation, it is hard to buy and sell and transport goods from Russia to Africa because the logistic chains have been affected by the sanctions.
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"Therefore, the best thing to do is to encourage Russia to understand the African market.
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"They should explore the possibilities of investment in Nigeria and take advantage of its huge market and localise the production of their goods in Nigeria,'' he said.
The Ambassador emphasised that there was a convergence of needs and opportunities in Africa, particularly in Nigeria.
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"The needs are there and the Russian companies have the opportunities to invest in ICT, food production, energy and mining and other sectors.
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"So, this is why Nigeria came with a vision to see that they sensitise the Russian companies with respect to graduating from trading to investment.
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"And this cooperation is in vast areas with other African countries,'' he said.
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Shehu, who described the summit as a success, said that it did not only deepen the bilateral relations between Russia and African countries but it also fostered continental cooperation.
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"So, now we believe that a platform for strategic partnership has been created,'' he said.
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NAN reports that the Russia-Africa Economic and Humanitarian Forum 2023 which held on July 27 and July 28 in St. Petersburg recorded the participation of 17 Heads of State and over 15 African countries represented. (NAN)
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— Thompson Nsisongabasi