Russia’s firms to invest $500m in Nigeria  

Nine Russian firms have decided to invest $500 million in the Nigeria’s manufacturing sector.

The Nigerians in Diaspora Organisation (NIDO) said the group would work to improve investment inflow into Nigeria.

The Chairman of NIDO,  Mr Sampson Uwem-Edimo, said: “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.”

According him, it is a very small amount for this kind of business, and for Russia and Nigeria that have more than $3 trillion market.

“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.

“Ultimately, we hope that within the next three years, we can get between 30 and 40 Russian companies making some sort of manufacturing in Nigeria,” he said.