Amb. Abdullahi Shehu, Nigeria’s Ambassador to the Russian Federation, encouraged Russian investors to localise their goods manufacturing in Nigeria on Tuesday.
Shehu advised Russian investors to explore the huge potential in Africa, particularly Nigeria, in an interview with the News Agency of Nigeria (NAN) in Moscow.
Shehu listed commerce as one of the areas of Nigeria’s economic cooperation with Russia in his remarks at the recently finished 2nd Russia-Africa Economic and Humanitarian Summit.
According to him, the platform offered by the summit demonstrates that there are areas on which each country may focus.
“Among these is the trading area. Almost all African countries want to trade with Russia. However, the Nigerian delegation stressed that while commerce is important, investment and financing are even more so.
“This is because, in the current geopolitical environment, it is difficult to buy, sell, and transport goods from Russia to Africa because logistic chains have been disrupted by sanctions.”
“As a result, the best thing to do is to encourage Russia to learn about the African market.”
“They should investigate investment opportunities in Nigeria, take advantage of its massive market, and localise the production of their goods in Nigeria,” he said.
The Ambassador underscored the convergence of African needs and prospects, notably in Nigeria.
“Needs exist, and Russian firms have opportunities to invest in ICT, food production, energy and mining, and other sectors.”
Expand the tax net, not hike taxes, stakeholders urge the government “So, this is why Nigeria came up with a vision to ensure that they sensitise the Russian companies in terms of transitioning from trading to investment.”
“And this cooperation extends to other African countries,” he added.
Shehu, who deemed the summit a success, stated that it not only strengthened bilateral ties between Russia and African countries, but also promoted continental collaboration.
“So, we believe that a platform for strategic partnership has now been created,” he stated.
According to NAN, the Russia-Africa Economic and Humanitarian Forum 2023, which took place on July 27 and 28 in St. Petersburg, was attended by 17 heads of state and over 15 African countries. (NAN)
