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Why Russian investors should localise production in Nigeria — Envoy



Why Russian investors should localise production in Nigeria — Envoy

(Photo: Amb. Abdullahi Shehu, Nigerian Ambassador to the Russian Federation with concurent accreditation to the Republic of Belarus.)

Amb. Abdullahi Shehu, Nigerian Ambassador to the Russian Federation on Tuesday encouraged investors from Russian to localise the production of their goods in Nigeria.

Shehu, in an interview with the News Agency of Nigeria (NAN) in Moscow urged the Russian investors to explore the enormous potential in Africa, particularly Nigeria.

Speaking on the just concluded 2nd Russia-Africa Economic and Humanitarian Summit, Shehu identified trade as one of the areas Nigeria would focus in its economic cooperation with Russia.

According to him, with the platform provided by the summit we can see that there are areas that each country can focus on.

“These include the area of trade. Almost all African countries are interested in trading with Russia. But the point that the Nigerian delegation made is that trade is good but investment and financing are better.

“It is so because under the current geopolitical situation, it is hard to buy and sell and transport goods from Russia to Africa because the logistic chains have been affected by the sanctions.

“Therefore, the best thing to do is to encourage Russia to understand the African market.

“They should explore the possibilities of investment in Nigeria and take advantage of its huge market and localise the production of their goods in Nigeria,’’ he said.

The Ambassador emphasised that there was a convergence of needs and opportunities in Africa, particularly in Nigeria.

“The needs are there and the Russian companies have the opportunities to invest in ICT, food production, energy and mining and other sectors.

“So, this is why Nigeria came with a vision to see that they sensitise the Russian companies with respect to graduating from trading to investment.

“And this cooperation is in vast areas with other African countries,’’ he said.

Shehu, who described the summit as a success, said that it did not only deepen the bilateral relations between Russia and African countries but it also fostered continental cooperation.

“So, now we believe that a platform for strategic partnership has been created,’’ he said.

Russia-Africa Economic and Humanitarian Forum 2023 which held on July 27 and July 28 in St. Petersburg recorded the participation of 17 Heads of State and over 15 African countries represented.


IMF/World Bank meetings to hold in Marrakech despite devastating Moroccan earthquake



IMF/World Bank

The managements of the World Bank and International Monetary Fund (IMF), together with Moroccan authorities have agreed to hold their 2023 Annual Meetings in Marrakech despite recent devastating earthquake in the country.

This is contained in a joint statement signed by World Bank President, Ajay Banga; IMF Managing Director, Kristalina Georgieva; and Kingdom of Morocco Minister of Economy and Finance, Nadia Fettah Alaoui.

They however said that the meetings, scheduled between Oct. 9 and Oct. 15, would hold by “adapting the content to the circumstances”.

“Since the devastating earthquake in Morocco on Sept. 8, the World Bank and the IMF staff have worked in close coordination with the Moroccan authorities and a team of experts to thoroughly assess Marrakech’s capacity to host the 2023 Annual Meetings.

“In undertaking this assessment, key considerations were that the meetings would not disrupt vital relief and reconstruction efforts, and that the safety of the participants can be assured.

“Based on a careful review of the findings, the Managements of the World Bank and IMF, together with the Moroccan authorities, have agreed to proceed with holding the 2023 Annual Meetings in Marrakech from October 9 to 15,” they said.

According to them, the meetings would be conducted in a way that does not hamper the relief efforts, and respects the victims and Moroccan people.

“At this very difficult time, we believe that the annual meetings also provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy.

“We also remain committed to ensuring the safety of all participants,” they said.

The World Bank plays a key role in the global efforts to end extreme poverty and boost shared prosperity.

Working in more than 100 countries, the bank provides financing, advice, and other solutions that enable countries to address the most urgent challenges of development.

The IMF is a global organisation that works to achieve sustainable growth and prosperity for all of its 190 member countries.

It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increasing productivity, job creation, and economic well-being.

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Zelensky among leaders arriving in New York for high-level UN summit



Volodymyr Zelensky

Ukrainian President Volodymyr Zelensky is among the world leaders descending on New York on Monday as the United Nations prepares to kick off a high-level summit.

The summit is aimed at rescuing its largely ignored Sustainable Development Goals for economic growth.

The UN General Assembly in New York, would formally start on Tuesday and will last a week.

It is set to focus on dusting off its 17 UN Sustainable Development Goals (SDGs) aimed at avoiding poverty, hunger, poor education and poor health care, among other things.

In 2015, the countries of the world set themselves these central goals for global development with the key aim of ending hunger and extreme poverty by 2030.

However, the pandemic, the Ukraine war and a debt crisis in poor countries are among the setbacks that have left the UN well off its target.

According to the UN, if things continue as they are, 575 million people will still be living in great poverty and more than 600 million in hunger in 2030.

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