The over one hundred and fifty billion dollars of foreign investments garnered by Nigeria at the Russia-Africa summit that held in Sochi, Russia is monumental and has the potentials to lift the economy substantially.
According to the Buhari Media Organisation (BMO), Russia will invest huge sums of money in different sectors of the Nigerian economy.
In a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, the largesse include a ten billion dollar coastal rail line which will traverse Lagos, Benin Onitsha to Calabar in Cross River state. “Another is eighty billion dollars in nuclear energy, with four nuclear plants to be built in four regions of the nation.
“Other phenomenal gains of President Muhammadu Buhari’s trip to Russia is the investment of about 1.5 billion dollars in the revival of the long-abandoned Ajaokuta steel project, and two billion dollars for military equipment; Two billion dollars will be invested in wheat production.”
BMO believes that President Muhammadu 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.”