Foreign Direct Investment: Nigerian Government Reassures Russian Financiers of Improved Security

The federal government through the office of Nigerians in Diaspora Commission (NIDCOM), has promised to improved security for Russian investments in the country.

The Chairman and Chief Executive Officer of NIDCOM,  Abike Dabiri-Erewa, who made the promise at a business forum organised by Nigeria in Diaspora Organisation (NIDO) Russian Chapter, said the federal government  is also solving bureaucratic challenges hindering Foreign Direct Investments (FDIs) into the country.

The NIDCOM CEO said Nigeria remains the investment destination for FDIs, pointing out that there is nowhere in the world without challenges assuring Russian investors that bureaucratic challenges and insecurity are being tackled.

In her words: “The message is very important because there are lots of opportunities in Nigeria. There are many Nigerians in Russia saying that they want to come back home and invest as Russia is also looking to Africa for investment. We have our challenges, there is no doubt about the fact that Nigeria is still a destination for investment.

“There is no where you cannot invest in Nigeria. We are blessed, we are solving bureaucratic challenges to attract investments, and we will solve our problems. Insecurity is still a challenge, but it is being tackled.

“The purpose of this event is about telling the world that there are many opportunities for investment in Nigeria. It is for us to sell ourselves and not de-market ourselves,” she added.

According to Dabiri-Erewa, NIDCOM is currently working with the Nigerian Investment Promotion Council (NIPC) to guide investors on investible areas in the country.

On diaspora voting she reaffirmed that it is going to happen, adding that in the next four years, there is need to lobby the parliament.

“Every country is doing it and we should not let the world leave us behind when it comes to diaspora voting. It is about making it suit our environment.

“We will keep begging the parliament because it is their right and of course you know diaspora remittances is huge, but we are still scratching the surface,” she said.

Earlier, Nigeria’s Ambassador to Russia, Prof. Abdullahi Shehu, said since the establishment of the Diaspora Commission, NIDO has become one of the instruments of the nation’s foreign policy.

He noted that one of the objectives of the forum is to explore possibilities of facilitating payments between Nigerian and Russian businesses.

Shehu expressed the hope that the outcome of the event would lead to the financial sector having a Memorandum of Understanding (MoU) with their Russian counterparts to facilitate payment solutions to overcome the challenges of doing business under the geopolitical situation in Russia.

On his part, the Senior Special Assistant on Diaspora and Foreign Relations to the Lagos State Governor, Jermaine Sanwo-Olu, said the Lagos State government is the most Diaspora friendly government in the federation, pointing out that Lagos State is the safest city in the country for investment destination.

He stated that State government is always looking for new ways to support new businesses to establish in Lagos, noting that through the last Ehingbeti Summit, seven resolutions were developed to encourage diaspora businesses to come back home to invest in the State.

The Chairman, NIDO Russia, Sampson Uwem-Edimo, said the purpose of the event is to make Nigerians living outside Nigeria to understand the need to look back home and try to contribute economically into the country.

He said in 2021, the trade volume between Nigeria and Russia was about $900 million which he described as very low, adding that export from Nigeria to Russia stood to about $37.6 million.

“We want to make Nigerian companies and Nigerians living in Russia cooperate with Nigerians living here, producing agricultural products to ship it directly to Russia to balance the trade,” Uwem-Edimo said.

He said plans are ongoing to organise a Russian trade mission to Nigeria in April, 2023 to showcase an exhibition of Russian products in Nigeria later this year.

“We are looking to localise their production in Nigeria or localise parts of their production in Nigeria. The benefit of this for Nigeria is job opportunities, tax for the government to improve the quality of infrastructure in the country.

He urged the federal government to create the enabling environment for businesses to thrive, noting that the private sector is the driver of any economy.

The Chief Executive Officer, La Cubana Group Russia, Gerald Obinna, said the purpose of the forum was to attract lots of Nigerians in Russia to invest in Nigeria, but added that Nigerian investors in Russia are skeptical about investing in the country due to insecurity and bureaucratic challenges hindering the business community.

“With what we are seeing here today, we will be able to convince a lot of people to come back home to invest in Nigeria. There is nowhere in the world that it is easy to start businesses. There are challenges everywhere, but we believe Nigeria is still a destination for Foreign Direct Investments (FDIs)”


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