There are signs that Russia would actively promote the resumption of its foreign direct investments (FDIs) in Nigeria and other African countries across all economic sectors.
The president of Russia, Vladimir Putin, made this statement during the opening plenary session of the ongoing Russia-Africa Economic and Humanitarian Forum, which is taking place in St. Petersburg, Russia.
He claims that Russia is planning to revive the direct investment approach 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 leaders of state and government that infrastructure, artificial intelligence (AI), and information and communications technology (ICT) 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.
In his words: “Africa’s potential is obvious to everyone. For example, the average annual GDP growth on the continent in the past 20 years was 4–4.5 percent, which exceeds the world’s average.
“Russia’s government, business and the public are sincerely interested in further deepening multifaceted trade, investment and humanitarian ties with the continent, which meets the needs of all our countries and promotes stable growth and prosperity.
“I have no doubt that by working together we will be able to increase our trade substantially in the near future.
“Incidentally, in the first six months of 2023 alone, our export-import transactions with African countries increased by over one third.
“We are also interested in further developing cooperation with African countries in the energy sector.
“Currently, Russian companies are implementing new mutually beneficial projects that aim to meet African economies’ increasing needs for fuel and generating capacities, and provide Africans with access to affordable, reliable, sustainable and eco-friendly sources of energy.
“More than 30 ambitious energy projects that involve Russian companies are now underway to varying extent in 16 African countries, with a total capacity of about 3.7 gigawatts.
“Russia’s RusHydro offers a vast scope of services to African partners, ranging from design and equipment supply to modernisation and construction of new turnkey power generating facilities.
“Russian companies Gazprom, Rosneft, LUKOIL and Zarubezhneft are involved in developing oil and gas fields in Algeria, Egypt, Cameroon, Nigeria and the Republic of the Congo.