Russia’s $300m investments in Nigeria inadequate – Ambassador

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Nigeria’s Ambassador to Russia, Prof. Stephen Torkuma Ugbah, has said that Russia’s total investments in Nigeria is less than $300 million.

The Ambassador made the revelation during the on-going Nigeria-Russia Business Forum in Abuja organised by the Abuja Chamber of Commerce and Industry (ACCI).

The Nigeria’s envoy to Russia, who described Russian involvement in Nigeria’s economy as low, said the two country’s need to ramp up investments and economic partnership.

Professor Ugbah said Russia has vast land mass and virtually all natural resources in the world and these make the country an ideal trading partner for Nigeria.

The President of the ACCI, Prince Adetokumbo Kayode, said over the years, the diplomatic relationship had witnessed the establishment of Russia Nigeria Business Council (RNBC) to oversee economic activities between the two countries.

He said the inactivity of the Council since the death of the founder retarded progress until recently that it has been revived.

He said the ongoing business forum is to cement trade relationship, deepen investment penetration between the two countries and further create opportunity for business owners from the two countries to network.

The Executive Director of Russia Nigeria Business Council, Valeriy Vozdvizhenskiy, urged Russian companies to invest in Nigeria.

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