“Economic diplomacy is a main thrust of our foreign policy and we have galvanised the skills, expertise of Nigerians abroad through foreign direct investments to drive economic development.Within the framework of Organization of the Petroleum Exporting Countries (OPEC+), Russia is a country we must engage with being one of the largest oil and gas business dealers in the world.
“In the area of security, Russia has great potential that can assist Nigeria in its current situations but diplomacy means the country has to be invited before it can interfere. Lagos because of its strategic location as an export state and proximity to raw materials, market, port etc is positioned as a choice state for investments,” he said.
Deputy President, Lagos Chamber of Commerce and Industry (LCCI), Mr Knut Ulvmoen said the Nigerian business environment had improved remarkably.
This, he said, was following government’s resolve through the Presidential Enabling Business Environment Council (PEBEC) to eliminate structural bottlenecks to the ease of doing business.
Ulvmoen said the country’s business landscape offered numerous opportunities for potential and existing investors to expand their investment commitment or new investors planning to bring fresh investments into the country.
He said that areas of opportunities included favorable demography, high population, diversification efforts, and strong financial markets.
“Nigeria has the largest economy in Africa, with a nominal GDP of about $450 billion and its huge economic size has attracted several international investors across the globe. The economy is largely diversified in terms of activities across industrial, services and agricultural sectors, “he said.
The Chairman, Nigerians in Diaspora (NIDO) Russia, Mr Samson Uwem, the said exposure to Russian business and vice versa would engender technology exchange, and technical training of personnel.
Umem urged government to further tackle issues hindering trade and investments in Nigeria to encourage more Russian companies partner and localise production in Nigeria.
Chief Executive Officer (CEO), Metalwork, Russia, Mr Ivan Klevstov expressed readiness to explore the Nigerian market and develop strategy of presence in Nigeria.
“Metalwork trading house is part of Euroasian group that provide services in housing, industrial fixture, electronics, oil drilling, security system among others from several Russia based companies.
We are looking to open stations for technical support for Russia manufacturers in Nigeria to help Nigerians get spare parts and other services from Russia on time,” he said.
Source: https://allafrica.com/stories/202111290114.html