Tuesday, Amb. Abdullahi Shehu, the Nigerian ambassador to the Russian Federation, urged Russian investors to localize their product production in Nigeria.
Shehu advised the Russian investors in an interview with the News Agency of Nigeria (NAN) in Moscow to investigate the vast potential in Africa, in particular Nigeria.
Shehu mentioned commerce as one of the areas Nigeria would concentrate on in its economic cooperation with Russia during his remarks at the recently finished 2nd Russia-Africa Economic and Humanitarian Summit.
Trade is one of the areas on which Nigeria will concentrate its economic cooperation with Russia, according to Shehu, who was speaking on the recently concluded 2nd Russia-Africa Economic and Humanitarian Summit.
Amb. Abdu Shehu, who is also accredited to the Republic of Belarus, is the ambassador of Nigeria to the Russian Federation.
Tuesday, Amb. Abdullahi Shehu, the Nigerian ambassador to the Russian Federation, urged Russian investors to localize their product production in Nigeria.
Shehu advised the Russian investors in an interview with the News Agency of Nigeria (NAN) in Moscow to investigate the vast potential in Africa, in particular Nigeria.
Shehu mentioned commerce as one of the areas Nigeria would concentrate on in its economic cooperation with Russia during his remarks at the recently finished 2nd Russia-Africa Economic and Humanitarian Summit.
He claims that we can see that there are areas that each country may focus on thanks to the summit’s platform.
“These include the commercial sector. Nearly all African nations are eager to trade with Russia. But the Nigerian delegation argued that while commerce is beneficial, financing and investment are preferable.
Because the logistical chains have been impacted by the sanctions, it is difficult to buy, sell, and transport commodities from Russia to Africa in the current geopolitical environment.
“As a result, it is best to urge Russia to comprehend the African market.
“They should investigate their investment options in Nigeria, benefit from its sizable market, and localize the manufacturing of their products there,” he said.
The ambassador emphasized that Africa, particularly Nigeria, has a convergence of needs and potential.
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“There are requirements, and Russian businesses have the chance to make investments in ICT, food production, energy, mining, and other industries.
This is the reason Nigeria came up with the idea to make sure that Russian businesses were made aware of the benefits of moving from trading to investing.
And there are many different areas of cooperation with other African nations,” he added.
Shehu, who deemed the meeting a success, claimed that it promoted continental collaboration in addition to strengthening bilateral ties between Russia and African nations.
Therefore, he continued, “we now believe that a platform for strategic partnership has been formed.
NAN reports that on July 27 and 28, 2023, St. Petersburg, Russia, hosted the Russia-Africa Economic and Humanitarian Forum.
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source vanguardngr.com