Many Russian companies have expressed an interest in investing in Nigeria, prompting calls for the Federal Government to use the ongoing conflict to expedite the process.
Professor Keneth Ife, an NDA faculty member and CBN Programs facilitator, believes that now that their country is under Western and US sanctions, “if there is a way, the (Russian) business people would use Nigeria as a springboard to push out some of their investments.” They would be coming here.”
Mr Sergey Katyrin, President of the Russian Chamber of Commerce, stated in September that Russian companies and businesses were willing to collaborate and invest in Nigeria.
In a similar vein, Mr Sampson Uwem-Edimo, Chairman of the Nigerians in Diaspora Organisation (NIDO), stated that nine Russian companies have expressed interest in investing $500 million in Nigeria’s manufacturing sector.
Obiora Okonkwo, President of the Nigeria-Russia Chamber of Commerce and Industry (NRCCI), announced that Russian investors had expressed interest in investing in critical sectors of the Nigerian economy. “Our aim is to study, promote, protect, and extend industrial and commercial relations between individuals, firms, companies, corporations, institutions, and associations of Nigeria and Russia, as well as provide Nigerian and Russian businesses with a forum for conciliation,” Okonkwo said.
As a result of Russia’s invasion of Ukraine, NATO member Germany announced the cancellation of a pipeline project that would have allowed Russia to earn millions of dollars by pumping gas across Europe. British Prime Minister Boris Johnson said he aimed to cut Russia off from the United Kingdom’s financial markets as he announced sanctions, including freezing the assets of all large Russian banks and planning to prohibit Russian companies and the Kremlin from raising funds on British markets. “We’re even going to stop them trading in pounds and dollars with our American friends,” Johnson told the BBC. “That is going to hit you hard.”
In response, Ife stated, “NATO countries are now blocking their investments due to the war.” However, if they have a way to come to Nigeria to invest, you will be surprised at how much money will come here. This is because they are aware that we are a non-aligned country.
“We have huge a monumental opportunities; we have that natural resources; we have what they have; we have gas, they have gas; we have oil, they have oil. So many of their cash, refinance and investors, who have been dealing with Siberian Gas, those are the people that would come out”.
“They have been supplying 40 per cent of European gas, through the Siberia Gas pipelines that are being blocked now. Now that they are about to witness a slump in the supply of their gas, those factories and those people working there would want to come abroad with their expertise and investments to come and work in our gas industry here, especially our marginal gas fields.”
“ These are the people that would come out, bring their investments; bring their equipment and come and do some worthwhile jobs here. They would come to a place where there are resources and a dynamic big economy. That is Nigeria, which can foot the bill. So it will have a positive impact for Nigeria if we know what to do. If we instruct our ambassador in Russia to woo them and do the groundwork.”