Nigeria expects Russia to assist diversification of its economy and strengthening of its oil sector, the country's Ambassador to Russia Steve Davies Ugbah said in an interview with Sputnik
MOSCOW (Pakistan Point News / Sputnik - 11th October, 2019) Nigeria expects Russia to assist diversification of its economy and strengthening of its oil sector, the country's Ambassador to Russia Steve Davies Ugbah said in an interview with Sputnik.
According to the ambassador, Nigerian President Muhammadu Buhari and Russian President Vladimir Putin will discuss the matter on the sidelines of the Russia-Africa Summit, which Russia's Sochi will host from October 23-24.
"My country is trying to diversify its economy and get away from selling oil only, which, incidentally, Russia has succeeded in doing. Russia is also the most important gas and oil producing country, but it has been able to diversify its economy and Nigeria has a lot to learn in this regard. Therefore, we will discuss the possibility of assisting Nigeria in diversifying the economy, as well as in strengthening the country's oil and gas sector," Ugbah said.
The African nation needs to diversify the economy due to oil market volatility and "uncertainty in sustaining oil as the main source of Nigeria's revenue," the ambassador explained.
The first ever Russia-Africa Summit and business forum will be co-chaired by the presidents of Russia and Egypt. The leaders of all 54 African nations have been invited to the event, with more than 40 of them having already confirmed their attendance.
