At least nine Russian companies have planning to invest the sum of $500 million in the manufacturing sector, the Nigerians in Diaspora Organisation (NIDO) has said.
Chairman, NIDO, Sampson Uwem-Edimo, who spoke ahead of the Russia-Nigeria Business Conference, said the group would work to improve investment inflows into Nigeria
“No investment happens without trade; the trade volume between Nigeria and Russia today is around half a billion dollars; sometimes, it gets to a billion dollars;” Uwem-Edimo said.
He added that “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.”
Vice-President, Moscow Chamber of Commerce and Industry, Mr Suren Vardanyan, said: “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.”
