PRESS RELEASE
Today, 2 June 2022, Business Russia organized a high-level business meeting with the Embassy of the Federal Republic of Nigeria in the Russian Federation. Business Russia is an All-Russia Public Organization which represents the interests of private businesses and local industry leaders in Russia.
The participants at the event include Prof. Abdullahi Shehu, the Ambassador of the Federal Republic of Nigeria to the Russian Federation, Ms. Nonna Kagramanyan, the Vice-President of Business Russia, Mr. Maksim Dorotov, Member of General Council of Business Russia, and Ms. Anastasia Vasilkova, Head of Franchise Department at CHOUPETTE. Other participants at the event wereare Mr. Mikhail Mikhailov, Director of LLC SEIES, Mr. Boris Yurchenko, CEO of LLC, ALTUM, Mr. Sampson Uwem, the Chairman of NIDO-Russia and some staff of the Embassy.
In his remarks, Amb. Shehu commended Business Russia for the initiative and expressed commitment to further collaborate with the organization in order to improve the trade volume between Russia and Nigeria. The Ambassador further called on the Russian business community to turn current geopolitical tensions into opportunities and expand their business activities in Nigeria.
The Ambassador stressed the need for Russian entrepreneurs that wants to enter the Nigerian market to develop a practical roadmap which will guide their activities in the country. He emphasized the importance of localization of production, as a way of reducing export related expenses and increase profit margin.
Furthermore, Ambassador Shehu identified the Agricultural sector, Manufacturing, Information and Technology, Oil and Gas, as well as the Mining sectors as some of the areas that have the potential for investment. He also stated that Nigeria could be used as an entry point by Russian investors seeking to enter the African market.
On food security, Ambassador Shehu emphasized the importance of fertilizers to several Sub-Saharan economies, the exportation of which has also been drastically affected by the current geopolitical tensions. Accordingly, he reiterated the need to find alternate logistical routes to recommence the exportation of fertilizers and grain crops to the region.
The business meeting was very productive as it provided a unique platform to the participants to explore innovative ways to carry-out economic activities between Russia and Nigeria. It also afforded the participants with the opportunity to take practical steps toward actualizing the investment potentials in both countries.
Embassy of the Federal Republic of Nigeria
Moscow,
Russian Federation
2 June 2022
