Maduro acknowledged the significant role the Bolshevik Revolution played in the social and political landscape in the world.

In honor of the 100th anniversary of the Russian Revolution, a bust of Vladimir Lenin, the leader of the workers' revolt, was erected in Venezuela’s capital Sunday.

The sculpture was unveiled during an event held in Caracas that was attended by Venezuelan President Nicolas Maduro as well as National History Center President Pedro Calzadilla.

"The Bolshevik Revolution marked the beginning of a new era in the history of humanity and the construction of socialism," Maduro said on live television, taking a moment to acknowledge the significant role the revolution played in the social and political landscape which he said transformed the lives of workers, peasants, and soldiers, freeing them from the hold of capitalism.

The bust was accompanied by a plaque which honored Lenin's memory, naming him as the leader who “laid the foundations for the October Revolution.”

Lenin en Caracas en Centenario de Revolución popular en Av Bolívar pic.twitter.com/ERbAvwptPF — Darío Vivas (@dariovivaspsuv) November 12, 2017

"Now Lenin will be next to Farabundo Marti, Sandino, Ho Chi Minh, Zapata, Manuela Saenz, and Artigas. They are symbols of our struggle of yesterday and today, all a warm reference to this revolution," Calzadilla said, going on to present a brief history of the October Revolution for the crowd.

United Socialist Party of Venezuela Vice President Maria Leon turned her attention to the late Venezuelan leader Hugo Chavez, thanking him for revitalizing socialism and for allowing the centennial celebrations, the “first victory for workers power,” to be conducted by a “worker” president in Venezuela, referring to Maduro.

"That is what the Caracas and Venezuelan oligarchies do not tolerate, that you, a Venezuelan worker, make a government infinitely better than what they did 500 years ago ... I saw the statue of Lenin fall; now you, the revolution and the people give us the glory of having this bust,” Leon said.