Thursday, March 28, 2024

Russia to invest $500 million in Nigeria: NIDO

NIDO says nine Russian companies have indicated interest to invest over $500 million in Nigeria’s manufacturing sector.

• July 5, 2021

The Nigerians in Diaspora Organisation (NIDO)’s chairman Sampson Uwem-Edimo says nine Russian companies have indicated interest to invest over $500 million in Nigeria’s manufacturing sector.

Mr Uwem-Edimo disclosed this in a statement on Sunday, ahead of the forthcoming Russia-Nigeria Business Conference.

He said the investment was to deepen the bilateral trade between Nigerian and Russian businesses, noting that the countries’ trade volume was below the desired level.

“No investment happens without trade. The trade volume between Nigeria and Russia today is around half a billion dollars; sometimes, it gets to a billion dollars. It is a very small amount for this kind of business, and for Russia and Nigeria that currently have more than $3 trillion GDP market.

“What we want to do is to see how we can improve the volume of trade between the two countries within the next two years. We do not just want trade, but we want it to lead to investment in terms of manufacturing. So, we are not only looking at these nine companies but using them as a test run to see the response from the Nigerian side,” stated Mr Uwem-Edimo.

He added that plans were ongoing to bring on board, the Russian Export-Import Bank and Nigerian banks to address foreign exchange issues.

Mr Uwem-Edimo said the move would create job opportunities for unemployed Nigerian youths, adding that no fewer than 170 Nigerian companies had registered for the conference.

Also, the Vice President of Moscow Chamber of Commerce and Industry, Suren Vardanyan, said he was leading the campaign for Russian companies to succeed in Africa under the project ‘Moscow- Africa.’

Mr Vardanyan stated, “But, we want Nigeria to be the ‘Gateway to Africa’ due to its population and GDP. Our goal is to triple the trade volume within the next two years and bring direct partnership in the area of manufacturing, as the Russian companies can collaborate with new or existing Nigerian companies for expansion or creation of production plants.

“Nigeria can gain employment for her people, as we hope to bring in a minimum of 30 companies within two years that will provide employment for not less than 7,500 families.”

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Ex U.S. Sen. Joseph Lieberman

World

Joe Lieberman, U.S. senator who was Al Gore’s vice-presidential candidate, dies at 82

The Jewish politician, who recently championed a so-called no-label movement to challenge the Republican and Democratic parties in the U.S., was public about his ties to faith.

Rivers CP, Olatunji Disu

Port Harcourt

Juju priest, 25 others arrested for car theft in Rivers

“Our greatest joy is the arrest of Chidozie Anthony Onyekwe and Kelechi Igwe.”

Pius Ayim

NationWide

Ayim urges IPAC to ensure accountability, good leadership in political parties

“These are the challenges and the new leadership of IPAC must rise up to the occasion.”

Wadata House, PDP National Secretariat

Politics

Ondo 2024: PDP screens seven governorship aspirants

He said that the committee would present its report to the party after the conclusion of the exercise.

National Chairman, Abdullahi Ganduje

NationWide

APC, PDP, LP, others lack identity, ideology: Ganduje

He said that the situation must change for the better.