Nigeria Pledges to Support Foreign Investors at Russia-Africa Summit

Vice-President Kashim Shettima has said that Nigeria will give its fullest support to both domestic and foreign investors.

Olusola Abiola, director of Information, Office of the VP, in a statement, said Shettima spoke on Friday while addressing political and business leaders at the second plenary session of the Russia-Africa Summit in St. Petersburg, Russia.

Shettima said the Bola Tinubu administration was taking decisive steps to fight crime, punish offenders, directly tackle insurgency, and do everything necessary to secure lives and investments in the country.

He said the Tinubu administration was determined to consolidate on industrialising Nigeria and diversifying its economy into sectors that the country had a comparative advantage.

“The administration of President Tinubu recognizes the private sector as the engine of growth and a veritable partner in our economic agenda, and will therefore give the fullest possible support to foreign and domestic investors,” he said.

“The administration has identified key growth drivers and sectors that are very important to the diversification of the Nigerian economy, including power, transportation, infrastructure, maritime, agro-processing, mining, manufacturing, petro-chemicals, food processing and textiles.

“The Nigerian government considers these sectors as key priority areas that will drive the country’s economic agenda.

“In view of the current geopolitical situation, we must begin to think of real time investment in addition to trading in commodities” he said.

He called on Russian companies to take advantage of the vast potentials in Nigeria to invest in strategic areas and to derive maximum benefits.

On peace and security, Shettima noted that no meaningful development could take place without peace.

He added that the Russia-Ukraine crisis was impacting all nations in different ways.

“The on-going situation between these two brotherly countries is unfortunate. Nigeria remains non-aligned in any conflict situation, but we are deeply concerned about the potential impact of the crisis on global peace and security,” Shettima said, adding “We call on parties to resolve the conflict through diplomatic means as that is the best option for resolving conflicts and fostering international peace and security.

”Shettima commended President Vladimir Putin for convening the summit, saying “it is very significant to Nigeria in many respects.”

“The second session of the Russia-Africa Summit is coming at a time when the administration of President Bola Tinubu is implementing a home-grown and private sector-driven economic agenda.

“The agenda is predicated on good governance, infrastructure and human capital development, as well as business climate reforms with the expected outcomes in job creation and poverty alleviation.

“The need, therefore, to invite private sector participation in the Nigerian economy cannot be over-emphasized. Moreover, the timing of the summit is very appropriate, as it is a case of ‘investments meeting opportunities”, the VP said.

Earlier, the Russian president reiterated his country’s commitment to the full economic transformation of the African continent.

“Russia is sincerely ready and willing to stand by African countries in their efforts to address challenges confronting them,” Putin said, adding “We cherish our relationship with each African nation and will make efforts to sustain it.”