Russian companies eye business expansion opportunities in Nigeria

Potential investors from Russia representing different companies have expressed their readiness to partner and invest in Nigeria as they recognize potentials like a huge and promising market, proximity to other countries among other things which are viable for businesses to scale.

This was disclosed at a Nigeria-Russia business meeting organized by Abuja Chamber of Commerce and Industry (ACCI) in collaboration with NACCIMA, Nigerians in Diaspora Organization Russia (NIDO) and the Nigerian Embassy in Russia held recently.

Ivan Klevtsov, leader of the delegation and Chief Executive Officer (CEO), Metalwork, a Russian based production and engineering company, said as prospective investors, they were interested in exploring the demand of Nigeria market and developing the market enterprise.

“The plan is to create a service center for Russian manufacturers where people can easily maintain products made by Russian companies, we also plan to open station for technical support for production in Nigeria which will cut down the importation of equipment parts,’’ he said

Klevtsov said that the companies were looking at investing in manufacturing, oil and gas, mineral development, security and financing technology.

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Abdullahi Shehu, Nigerian Ambassador to the Russian Republic said that Russia had a lot of potential for Africa, adding that the challenge is for Russia to understand Africa, open up and be ready to do business with Africa.

He encouraged the private sector to be actively engaged in businesses and establish networks with the business community, adding that it would enhance the trade volume.

“Although both countries have trade relationships, it is quite low and needs to move to a new level, a functional cooperation, a key and strategic economic samples, so as to increase both quantity and the quality of trade and investments,’’ Shehu said.

Al-Mujtaba Abubakar, President, ACCI, stressed that Nigeria needed Russian technology to boost industrialization while Russia also needs Nigeria as a market for its industrial products and military equipment.

“There is a weak indication that the two countries have sufficient and adequate perception of each other, this is partly responsible for the lack of the political will to implement the existing bilateral agreements,’’ Abubakar Represented by Victoria Akai, Director General, ACCI said.

Abubakar emphasized that the commitment by both countries to deepen bilateral trade would boost the trade volume and its investments significantly.

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