Group of Russian Investors are in Nigeria Seeking to Invest in Nigeria's Fintech, other Sectors

Alt: = "picture of Ivan Klevtsov"

Group of Russian businessmen arrived in Abuja, Nigeria’s capital, on Wednesday, to meet their Nigerian counterparts for prospective investment deals.

The 16-man delegation, representing different Russian companies, was led by Ivan Klevtsov, the CEO of Metalwork, a Russian based production and engineering company.

Speaking at a Nigeria-Russia Business Meeting held in Abuja, which was organised by Abuja Chamber of Commerce and Industry (ACCI) in collaboration with NACCIMA, Nigerians in Diaspora Organisation Russia (NIDO) and the Nigerian Embassy in Russia, Mr. Klevtsov expressed his group’s readiness to partner with Nigerian businesses in various sectors.

Mr Klevtsov said that they came survey the demand of Nigeria market and fill in the gap in the market enterprise.

According to him, the plan is to create a service centre for Russian manufacturers.

“People can easily maintain products made by Russian companies and Nigerian companies producing similar products.

“We have plans to open a station for technical support for production in Nigeria and this will cut down the importation of equipment parts,’’ he said.

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

Earlier, Nigerian Ambassador to the Russian Republic, Professor Abdullahi Shehu, said that Russia had a lot of potential for Africa.

“The challenges therefore are for Russia to understand Africa, to 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.

“I don’t want to sound as if we are not satisfied with the trade volume because two years ago, it was less than $300 million and for us to reach $600 million despite the impact of COVID-19, it is a significant progress.

“We commend ourselves, but there is room for improvement and that is why we are holding this meeting here today,’’ Mr Shehu said.

Jani Ibrahim, second Deputy President of Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) said that the meeting would further deepen the bilateral relations of both countries for inclusive economic growth.

According to Mr Ibrahim, NACCIMA assures you that the private sector of Nigeria is committed to partnering with the private sector of Russia which is targeted at increasing our trade volumes.

“NACCIMA recommends that Nigeria and Russia need to move their bilateral relations 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,’’ he said.

In his address, Dr Al-Mujtaba Abubakar, president of ACCI, stressed that Nigeria needed Russian technology to boost industrialisation.

Represented by Victoria Akai, Director General of ACCI, Mr Abubakar said that Russia also needs Nigeria as a market for its industrial products and military equipment.

“There is weak indication that the two countries have sufficient and adequate perception of each other. This, in part, is responsible for the lack of the political will to implement the existing bilateral agreements,’’ Mr Abubakar said.

He emphasised that the commitment by both countries to deepen bilateral trade would boost the trade volume significantly.

“Although, the trade volume between Nigeria and Russia is still low, about less than a billion dollars, but as both countries have reaffirmed commitment to boosting the trade volume significantly, it is an opportunity to expand our trade volumes.

“Nigeria is an economic powerhouse in the West African region and one of Africa’s fastest growing economies and the country with the largest population as estimated by the World Trade Organisation.

“Nigeria has an estimated current total export of over 53 billion USD and imports of over 47 billion USD with an average GDP of USD 448 billion as estimated in the first quarter of 2021,’’ he said.

Uwem Samson, Chairman NIDO-Russia, said that the business meeting would enable the delegation to know Nigeria more, adding that they would expose their findings to the larger business community in Russia.


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