Trust Africa News, By Ayomide Otitoju
The Deputy President, Lagos Chamber of Commerce and Industry, Mr. Knut Ulvmoen, has called for a better business relationship between Nigeria and Russia in agriculture Oil & Gas and Security equipment
He said this at a forum organised by the Lagos Chamber of Commerce in collaboration with Nigerians in Diaspora Organisation Russia NIDO-Russia ’The essence of this gathering is to foster business interaction between Russians and Nigerians in agriculture, Oil & Gas and Security Equipment”, he said,
He added: “Distinguished participants, as you may be aware, diplomatic relations between Nigeria and Russia [formerly Soviet Union]dates back to the 1960s when the USSR provided the Nigerian government with political and military assistance during the Nigerian civil war. Since then, bilateral relations between Nigeria and Russia have progressed considerably given the number of agreements between both countries.
“The Nigerian business environment has improved remarkably in recent years following the Federal Government’s resolve through the Presidential Enabling Business Environment Council (PEBEC) to eliminate structural bottlenecks to the ease of doing business. The country moved 15 places upward to 131st position in the latest World Bank Ease of Doing Business Ranking and featured among the top ten most improved countries for two successive years”
The Nigerian business landscape offers numerous opportunities for potential and existing investors intending to expand their investment commitment or new investors planning to bring fresh investments into the country. The major areas of opportunities include:
“Distinguished participants, as you may be aware, Nigeria has the largest economy in Africa, with a nominal GDP of about $450 billion. Nigeria’s huge economic size has attracted several international investors across the globe.The economy is largely diversified in terms of activities across industrial, services and agricultural sectors. The economy demonstrated resilience amid pandemic disruptions in year 2020 by exiting recession quicker than expected. The government has showed commitment to critical reforms including the passage of Petroleum Industry Bill and the unification of exchange rate. These reforms are expected to accelerate the pace of output recovery and improve the country’s medium-term economic outlook”
Nigeria is blessed with favourable demographic. The country has a huge youthful population and a fast-growing middle-income group. More than half of the country’s population are below 35 years, and this population segment is expected to grow considerably in the foreseeable future. A large population size implies huge demand for goods and services and creates market opportunities for local and foreign investors.
Presently, the Federal Government as well as sub-nationals has continued to demonstrate commitment to develop the real sector of the economy through various policy initiatives, which is positive for private investments.
Nigeria has one of the largest financial markets in Africa. The value of the Nigerian debt market is over N20 trillion. With the moderate level of liquidity in the Nigerian capital market, investors would find it easy to raise capital through equity or debt to meet their funding requirements.
The Nigerian regulatory environment is now more conducive for doing business with the implementation of Company Allied and Matters Act (CAMA) 2020. The Act plays an instrumental role in reducing regulatory burden on businesses while encouraging investments to facilitate the growth and development of the economy.
Distinguished participants, as the advocacy voice of the organized private sector, the Lagos Chamber of Commerce and Industry is committed to the improvement of the Nigerian business environment for the good of all investors and to resonates with our mandate of promoting bilateral trade partnerships
We are the forefront of engagement with policymakers for the reformation of the operating environment. We look forward to welcoming and collaborating with Russian investors interested in the Nigerian economy.
Once again, it is my pleasure to speak at this conference. I appreciate your kind attention.
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