Nigeria Sets For Over $500m Investment From Russian Coys.


NIDO Russia
NIDO Russia
he Chairman, Nigerians in Diaspora Organisation IP. (NIDO), Russia, Mr Sampson Uwem-edimo has said, nine Russian companies have indicated interest to invest
Over 500 million dollars worth of investment is expected to come into Nigeria’s manufacturing sector from Russia.

Chairman, Nigerians in Diaspora Organisation (NIDO), Russia, Mr Sampson Uwem-edimo said, nine Russian companies have indicated interest to invest in the country.

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

He said the proposed investment was to deepen the bilateral trade between Nigerian and Russian businesses.

The NIDO Chairman pointed out that the volume of trade between both countries was below expectation, not withstanding the Gross Domestic Product (GDP) of both countries.

“No investment happens without trade; the trade volume between Nigeria and Russia today isaround 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 three trillion dollars 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.

“Ultimately, we hope that within the next three years, we can get between 30 and 40 Russian companies making some sort of manufacturing in Nigeria,” he said.

He stressed that the conference scheduled to hold on July 8 in Moscow, Russia, will be a hybrid event.

Uwem-Edimo emphasized that the conference would deepen ties between the business community of both countries, while also enabling both economies to understand their markets.

The chairman maintained that plans were ongoing to bring on board,  the Russian Export-Import Bank and Nigerian banks to the network to address issues of foreign exchange.

Uwem-Edimo said the move would create job opportunities for many unemployed Nigerian youths, adding that no fewer than 170 Nigerian companies had registered for the conference.
Also, Mr Suren Vardanyan, Vice-President, Moscow Chamber of Commerce and Industry, said he was leading the campaign for Russian companies to succeed in Africa under the project “Moscow- Africa”.

“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,” Vardanyan stressed.

He noted that through the chamber, nine Russian manufacturers have expressed willingness to invest in Nigeria and more than 20 Nigerian companies had indicated interest to drive this wish to attain a positive result.