There are signs that Russia would actively promote the resumption of its foreign direct investments in Nigeria and other African countries across all economic sectors.
According to Vanguard, President of Russia, Vladimir Putin made this statement at the opening plenary meeting of the ongoing Russia-Africa Economic and Humanitarian Forum taking place in St. Petersburg, Russia.
He claimed that Russia is planning to revive the direct investment model that its government during the Soviet Union was known for in many third-world economic areas.
Among the industries he listed were those producing industrial machinery, iron and steel, and petroleum refineries.
One of the biggest benefactors of the Soviet Union’s FDI in these regions has been Nigeria.
Putin also informed the heads of state and government that information and communications technology, infrastructure, and artificial intelligence will all benefit from Russian FDI into African economies.
In light of rising geopolitical concerns, he emphasized his conviction that African economies are compelling enough to warrant such investments.
“Africa’s potential is obvious to everyone,” he said. For instance, the continent’s average yearly GDP growth over the last 20 years has been 4-4.5 percent, which is higher than the global average.
“Russia’s government, business, and public are sincerely interested in further strengthening multifaceted trade, investment, and humanitarian ties with the continent, which meets the needs of all of our countries and fosters steady growth and prosperity,” he said.
He said that he is confident that by collaborating, we will be able to significantly boost our trade in the near future adding that export-import transactions with African nations surged by nearly one-third in the first half of 2023 alone.
Currently, Russian businesses are putting new, mutually beneficial initiatives into action with the goal of meeting the growing demand for fuel and producing capacity in African countries and giving Africans access to inexpensive, dependable, sustainable, and eco-friendly sources of energy.
With a combined capacity of around 3.7 gigawatts, more than 30 ambitious energy projects involving Russian enterprises are currently in various stages of development in 16 African nations.
