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Russian coy, businesses to invest in Nigeria, says chamber president

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Russian coy, businesses to invest in Nigeria, says chamber president

By Maureen Okon Russian Chamber of Commerce President Sergey Katyrin said Russian businesses and enterprises are ready to partner and invest in Nigeria.

This is contained in a statement signed by the Nigerian Embassy in Moscow, Russia, and made available to the Nigeria News Agency on Wednesday, in Abuja.

Katyrin said this in Moscow during the reception of the Nigerian Ambassador to Russia Prof. Abdullahi Shehu, who visited the Russian Chamber of Commerce and Industry.

Katyrin said the chamber regularly holds country and business presentations, which the Nigerian side can take advantage of to explore areas of cooperation and partnership.

He adds that the Chamber organizes information exchange exhibitions under the aegis of Expocentre Fairgrounds.

Katyrin assured the Nigerian envoy of his full cooperation and the willingness of Russian businesses and enterprises to invest in Nigeria, expressing the willingness of the Russian Business Council to facilitate such cooperation with his Nigerian counterpart.

In response, Shehu noted that Nigeria has maintained stable relations with the Russian Federation dating back to the Soviet era.

According to him, the two countries could achieve more in their economic cooperation if Russian companies showed more interest in Nigeria, as an African commercial hub and economic hub of the West African sub-region.

“For all Russian companies, Nigeria is the gateway to Africa”, A good example is the decision of the Russian company called URALCHEM to set up in Nigeria.

“URALCHEM is one of the largest companies in the mineral fertilizer market and the second largest producer of nitrogenous fertilizers in Russia, to open a representative office and a fertilizer factory in Nigeria before the end of 2021,” said he declared.

The Ambassador also called on other Russian companies to follow URALCHEM’s example to not only export products to Nigeria, but also produce such goods in Nigeria.

He added that the embassy was planning to organize a trade mission to Nigeria soon, while offering the Russian Chamber of Commerce and Industry to help organize trips for interested companies.

Shehu stressed that the embassy is ready to organize regular trips of representatives of Russian companies to Nigeria to allow them to better understand the risks and opportunities in the country.

He said part of his mandate was to facilitate trade and the government was eager to work with Russian investors interested in the Nigerian economy,

URALCHEM’s board chairman, Mr. Dmitry Konyaev, also spoke at the meeting, which confirmed that his company would soon open its representative office in Nigeria and also establish a factory.

He further underlined the great potential of the Nigerian market for the supply of mineral fertilizers and the importance of exporting Russian knowledge and technology to Nigeria.

Konyaev further reported that URALCHEM is working with RUDEN University, through a scholarship program, to encourage Nigerians to study agricultural specialties and return home to transfer the technology to Nigeria.

reports that Mr Konyaev was elected as the new chairman of the Russia-Nigeria Business Council in May 2021.

Source: NAN

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