Nigeria is by far the most populous country in Africa with an estimated population of over 160 million people. It is located on the Guinea Coast of West Africa and bounded by the republics of Niger and Chad to the North, Benin to the West Cameroon to the East and the Atlantic Coast to the South. It has a land area of about 924,000 square kilometres. Nigeria apart from being investor’s haven in Africa and indeed the biggest economy in the West Africa sub-region, is easily the largest market and potentially the richest African Country.
With a fast growing and vibrant economy and physical development, coupled with one of the highest Gross Domestic Produce (GDP) in Africa, Nigeria also belongs to WTO, UN, ECOWAS, AU amongst other International Organisations.
Over the years, foreign investors in the various economic sectors have been visiting Nigeria, to explore its vast potentials. Russians especially have been very prominent in the Iron and Steel Complex which is easily the biggest in Africa and largest internal investment by the Nigeria government. Russia’s involvement in this project was as a result of the confidence built over the years between the Nigerian government’s and the Russian government’s commitment to African development. Among other investment partners, Russia had also been very active in the Solid Mineral development and Oil and Gas prospecting.
The time is now right for private Sector driven initiative to actualise the directions both governments have stressed over the years. Nigeria has had over 50 years of political relationship with Russia and is very determined to strengthen her economic relationship hence the Embassy of Nigeria and the Russian Organised Private Sector have forged partnership in promoting robust trade and commercial relationships.
The government of Nigeria is earnestly looking forward to receiving Russian businessmen and women who should come to Nigeria and participate in our virile and robust commercial sector. The Trade and Commercial Section of the Embassy is active and we urge all prospective business partners to utilise this channel to obtain all necessary information to enable them ascertain the authenticity of their prospective business partners. Fraudulent businessmen abound all over the world and the Nigerian government has put in place adequate safeguards to protect prospective foreign investors. Investors all over the world are urged to deal directly with
Our government in her determination to protect foreign investments and investors has put in place various laws that will guarantee their investments, especially, avoidance of double taxation and repatriation of capitals and dividends and any problems arising from their transactions. Furthermore, to guarantee the security of funds invested in our economy, the government has also established the “Anti Trade Malpractice Tribunal and the Invest and Securities Tribunal.” These two bodies are headed by eminent Nigerians of proven integrity. This move is expected to reinforce Investors confidence in our country.
Nigeria is the 5th world producer of crude oil and has one of the largest natural Gas deposit in the world. Russians who are engaged in this sector are welcome in Nigeria to participate in the joint exploration of oil and other products. Russians and business people from the CIS are encouraged to come to Nigeria to participate in the Agricultural, Commercial, Transport, Chemical, Machinery and Electrical generation sectors among others.