African Needs Russia’s Partnership To Develop, Grow $29trn GDP By 2050 -Expert

A Senior research fellow with the Institute of World Economy and International Relations, Dr Maurice Okoli, has tasked Nigeria and other African nations to look up to Russia for partnership to develop the continent.
Okoli, the President of the Nigerian community in Russia, told The Tide source yesterday that Russia had the means to support Africa’s infrastructure and business needs as the continent looked towards a 29 trillion dollar GDP by 2050.
Citing a recently published documentary: ‘Russia – Africa Situation Analysis Report by a Russian Expert Group, he urged African governments to take advantage of Russia’s poise to advance the continent’s development.
The documentary prepared by over 25 Russian Policy Experts with sponsorship from the Russian Foreign Ministry, highlights Russia’s foreign policy focus with Africa’s development at the helm.
“These Russian expert groups have just completed their studies on Russian African policies and strategies and development prospects with serious recommendations intended to increase Russian influence in Africa.
“This 150-page report published in November offers clear views of Russian policies and strategies in Africa.
“Africa is a resource-rich continent. Recent recorded growth in Africa has been due to growth in sales in commodities, services and manufacturing.
“West Africa, East Africa, Central Africa, and Southern Africa, in particular, are expected to reach a combined GDP of 29 trillion dollars by 2050.
“Africa is very attractive to foreign investors and the two major reasons Africa is very attractive to foreign investors is the importance of growth.
“It is the primary driver of investors’ interest in Africa. Also, there is a strong drive for investors to diversify away from low return markets.
“Africa as a continent is important to the world. It is a vital region with some of the fastest-growing economies in the world,” he said.
He pointed out that the continent contributed 17 per cent of the World population but noted sadly that in terms of global GDP, the continent only contributed three per cent, hence the need for partnerships to grow.
He, therefore, pointed to Russia for such partnerships.
He noted that President Vladmir Putin had already prioritised Africa on its foreign policy focus with emphasis on defence and security, development, diplomatic support, humanitarian relief as well as ducational and scientific training.