Ukraine To Invest $2bn Manufacturing, Agro-Processing Equipment In Nigeria

By April 10, 2018 Investment News

Ukraine would invest over $2billion in the provision of manufacturing equipment, agro-processing, agricultural, metal, and plastic equipment to Nigeria.

This formed one of the outcomes of the Memorandum of Understanding (MoU) signed by Ukrainian Chamber of Commerce and Abuja Chamber of Commerce and Industry (ACCI) at a Business Forum in Abuja.

Addressing newsmen after the signing of the MoU, Prince Adetokunbo Kayode, the President of ACCI, explained that the MoU was tailored to encourage Ukrainian businessmen to invest in Nigeria through the provision of manufacturing equipment, and other equipment across the agricultural value chain to boost the economy.

Kayode noted that the Ukrainian has strong equipment in all sectors of the economy, adding that Nigeria has raw materials and huge population and markets to support the investment.

Commenting on the worth of the investment, he said: “We are looking at a minimum of $2billion investment. We are talking about manufacturing across board.”

He underscored the need to manufacture goods and services in Nigeria to create jobs and stabilise the economy.

According to him, “If we bring equipment for manufacturing, we will make money. We are net importer of virtually everything.

“We have the market. We must manufacture here to create jobs for Nigerians. No country is an island. We have to go out to get the best in the spirit of economic diplomacy.

“What we have done today is to strengthen the economic diplomacy, a new policy initiative by government to bring international community into Nigeria and to bring government more into the private sector.

“We have signed MoU with Ukrainian Chamber of Commerce. The main purpose of this is to bring their businessmen together.

“We want to do manufacturing, Ukraine has the strong equipment. We have the population and raw materials.

“So, they are bringing their equipment to manufacture every of the value chain in agriculture, plastics, agro-processing, metals, among others in Nigeria. They have strengthened Nigeria’s business community.

Also speaking, the Ukrainian Ambassador to Nigeria, Valerii Aleksandruk, commended the Nigeria-Ukraine Business Forum initiative, adding that the bilateral relationship between both countries would be expanded and deepened.

Source: Independent