Nigeria’s drive to attract direct foreign investment received a boost with a Russian Fertilizer Company URALCHEM, JSC’s commitment to establish it’s office and a production plant in Nigeria. This was disclosed by the Chairman, Board of Directors of the Company, Mr. Dmitry Konyaev, during a meeting with Professor Abdullahi Y. Shehu, Nigeria’s Ambassador to the Russian Federation in his office in Moscow on Friday 13th August 2021. URALCHEM is therefore seeking the support of the Nigerian Embassy in Moscow in identifying a suitable location for the plant and other logistics.
URALCHEM, JSC is one of the largest companies in the mineral market in the Russian Federation and the Commonwealth of Independent States (CIS). The company ranks first in Russia in the production of ammonium nitrate and is one of the largest domestic producers of ammonia, urea, and nitrogen fertilizers. It is the fifth world largest producer of fertilizer.
It may be recalled that the Embassy of Nigeria Moscow had facilitated the signing of a landmark agreement on December 2, 2019, for the supply of raw material, potash, for fertilizer production between URALCHEM and the Nigerian Sovereign Investment Authority (NSIA). The company is a major supplier of potash to Nigeria with over 210 metric tons delivered in 2020 and 280 metric tons in 2021. The URACHEM’ project package for Nigeria includes transfer of technology through the training of Nigerians in relevant technology for agricultural development on URALCHEM scholarship in collaboration with RUDN university in Russia. Upon graduation, the scholars will be required to return to Nigeria to manage the production plant.
Mr. Konyaey was accompanied to the Nigerian Embassy by Mr. Valeriy V. VOZDVIZHENSKIY, Executive Director, Russia-Nigeria Business Council. After receiving a brief on the Russia-Nigeria Business Council, the Ambassador observed that Russian businesspeople need to understand Africa to do businesses that are mutually beneficial to Russia and Africa, especially with the renewed attention President Putin is giving to Africa within the framework of the Russia-Africa summit. The Ambassador pointed out that the Nigerian market is the largest in Africa with over 200 million population, which should be the entry point for Russian companies and businessmen.
The Ambassador stated that foreigners will improve their perception of risk when they visit Nigeria. He therefore proposed to collaborate with the Russia-Nigeria Business Council to organize a trade mission to Nigeria before the end of March 2022 for Russian businessmen to meet their Nigerian counterparts and see things for themselves.
Embassy of the Federal Republic of Nigeria,
Moscow, The Russian Federation,
13 August 2021.
