Russia pledges to help Nigeria, Africa overcome devt challenges

…Says $20bn invested in Africa in 2018

…2019 marks a major point for Africa’s trade – Afreximbank President

Mathew Dadiya, Moscow

The Russian Prime Minister, Mr. Dmitry Medvedev, has said that the Republic of Russian Federation would support Nigeria and the rest of African countries in the search for solutions to economic and development challenges, saying “it is possible when we do it together.”

The Prime Minister gave the assurance on Friday while declaring open, the 2019 Annual Meetings of the African Export-Import Bank (Afreximbank) in Moscow.

Medvedev noted that despite the difficult global economic developments, positive goals can still be achieved with effective partnership.

According to him, Russia and African economies are endowed richly, a development that makes strategic investments imperative on the continent, to support growth, which Russia is now pleased to participate in the “ensuing projects.”

He said that Russia would use its expertise to raise the value of the continent’s primary sector, particularly in industrial productions, mining and agriculture.

“Our export centre is now a shareholder of Afreximbank. We have sincere commitment for Africa and four African states have visited us in just few months, as a show of the new relationship that we are building,: he stated.

Speaking further, he disclosed that over 17,000 African students “are studying in Russia and we simply need to know each other better.”

He added that Russia and Africa will deepen their friendship on the basis of business and more active interactions.

“We look forward with hope for a brighter relationship that is built on trust and mutual respect, and most importantly relations that will bring economic prosperity to the Africa and our country,” the Prime minister said.

Earlier speaking, Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, disclosed that Russia’s investment in Africa had increased over the years to a record $20 billion in 2018.

“We are moving toward broadening our relationship, especially in our cooperation on security and peace making,” he said, describing Africa as Russia’s important partner in the global struggle for truth and fairness.

Lavrov added that Russia had made investments in such sectors as mining, energy and railway sectors, highlighting a nuclear power plant and industrial park developed by Russia in Egypt.

Mr. Lavrov said that Russia was committed to promoting Africa with a view to providing African solutions to African problems and urged the international community to provide its support by helping to incentivise and develop programmes that help African businesses.

Gabriel Aduda, Permanent Secretary in the Office of the Secretary to the Government of Nigeria, speaking on behalf of the Chairman of the Annual General Meeting of Shareholders of Afreximbank, commended Russia for hosting the Annual Meetings.

In his remarks, the Afreximbank President, Prof. Benedict Oramah said that 2019 marked a major point for the Bank as it looked to the future of Africa’s trade and finance and sought to build bridges with global powers.

Oramah said: “As we gather in this historic city of Moscow, we will explore how we can shape the future of trade and how we can transform our continent. Our collective endeavours will impact the economic future and wellbeing of Africans for generations to come.”

More than 1,000 African and international trade development experts, representatives of government, business leaders and other trade industry players officials are taking part in the Annual Meetings, which is also serving as a platform for African and Russian businesses to meet, strengthen and grow partnerships in order to foster business relations.

Over 50 speakers from Africa and beyond are scheduled to speak address participants during the three days of the conference which ends on June 22.

The speakers debated and shared insights on such topics as Promoting South-South trade as an engine for multilateralism; prospects for multilateralism in an era of protectionism; and how Africa can make finance work for its economic transformation.

Highlights of the event included the seminars and meetings of the Advisory Group on Trade Finance and Export Development in Africa which ended on Friday; the official opening of the Annual General Meeting of Shareholders in the afternoon on 21 June; and Annual General Meeting of Shareholders on 22 June.

The meetings also featured the launch of the African Trade Report 2019; the launch of the Afreximbank Export Trading Companies Strategy; and a half-day programme of activities dedicated to Russia–Africa investment cooperation.

A number of trade agreements were signed and more are expected to be signed before the event concludes on Saturday.

The 2019 Meetings made it the second time they are taking place outside Africa. The 2012 Annual Meetings was held in Beijing, China.

According to him, Russia and African economies are endowed richly, a development that makes strategic investments imperative on the continent, to support growth, which Russia is now pleased to participate in the ensuing projects.