Buhari secures $150bn investment from Russia
…to buy 12 attacker helicopters
…BMO commends Buhari laudable achievements
President Muham madu Buhari trip to Russia has secured $150 billion foreign investment for Nigeria in key real sector of the economy.
Buhari who joined other countries in Africa at the Russia-Africa summit that was held in Sochi, Russia with key government officials signed different Memorandum of Understandings (MoUs) in the Oil & gas sector, security, railway, mines and agriculture.
Russian President, Vladimir Putin on Wednesday accepted President Muhammadu Buhari proposal to complete and commission the abandoned Ajaokuta Steel Rolling Mill in Kogi state.
Buhari and the Russian President, on Wednesday in Sochi, Russia, agreed to put Nigeria-Russia relations on a fast track, and pursue the completion of partially completed and abandoned projects initiated by both countries.
Buhari presented the issue of uncompleted and abandoned Ajaokuta Steel Rolling Mill, requesting for the return of Russia, on a government-to-government relationship for completion and commissioning of the plant.
As gathered, the Russia government agreed to support development of rail infrastructure by constructing 1,400 kilometres track from Lagos to the South-South city of Calabar and there was also discussion on the advancement of ongoing project for the establishment of a nuclear power plant in Nigeria.
According to President Putin, the next step in the implementation of the project should be the commencement of construction of a power plant.
Nigerian NewsDirect gathered that there was a bilateral meeting held on sidelines of ongoing Russia-Africa Summit, and the two leaders agreed to start new infrastructure projects and expand trade and investment, security and military cooperation.
The government had explained that, Nigeria and Russia would work together to improve efficiency of Nigeria’s oil sector, which is the backbone of the economy, in a way that will see to rehabilitation of epileptic oil refineries through establishment of framework for a joint venture between Nigerian National Petroleum Corporation (NNPC) and Russia-based leading oil company, Lukoil.
“Both NNPC and Lukoil will work towards prospecting for oil in deep offshore. Nigeria and Russia also agreed to revive and solidify the venture between the NNPC and Russia’s gas giant, Gazprom for the development of Nigeria’s enormous gas potential and infrastructure.”
President Putin said Nigeria should take advantage of Russia’s potassium resources to advance President Buhari‘s local fertilizer production program.
Putin promised his country’s support for the geological prospect of Nigeria’s solid minerals & gave assurances of working with Nigeria and other African countries to secure and stop the incidents of piracy in the Gulf of Guinea as they did in securing the Somali coastal areas.
Another development that happened at the meeting was that both countries signed a deal for the sale of 12 attack helicopters to Nigeria in a move to strengthen security and fight Boko Haram.
The Senior Special Assistant to President Buhari on Media and Publicity, Garba Shehu, had said that discussions around arms procurement will form part of conversations with Putin.
Nigeria’s Ambassador to Russia, Stephen Ogbah, had earlier noted that the country intends to purchase Russian helicopters, planes, tanks and other military equipment.
He said a draft deal had been finalised and was waiting for a logical conclusion which arrived on Wednesday.
While full details of the purchase is yet to be unveiled, Ogbah said the agreement will open new possibilities in such areas as the supply of military equipment and training for specialists.
However, the Buhari Media Organisation (BMO), in a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, said the $150billion largesse include a $10 billion coastal rail line which will traverse Lagos, Benin Onitsha to Calabar in Cross River state. “Another is $8billion in nuclear energy, with four nuclear plants to be built in four regions of the nation.
According to them, “Other phenomenal gain of President Muhammadu Buhari’s trip to Russia is the investment of about $1.5 billion in the revival of the long-abandoned Ajaokuta steel project, and $2billion for military equipment; $2billion will be invested in wheat production.”
BMO believed that President Buhari is leading from the front as he promised, and the results are manifesting with the huge inflow of foreign direct investments.
It is on record that the global investments analysis company, Ernst and Young had rated Nigeria third in Africa in the inflow of foreign direct investments in 2018. What this shows is that under Buhari there is a renewed confidence in Nigeria’s economy and the future is bright.
“We therefore commend the tireless efforts of Mr. President to reposition the country in all facets of life and enjoin Nigerians to continue to lend their support.”