Nigerians have expressed genuine concerns over the trade deficit between Nigeria and Russia as the latter have continued to benefit more from the two countries bilateral relations.



The foregoing was the summary of the discussion at a webinar tagged: ‘Exploring the vast opportunities of Nigerian and Russian markets,’ in which participants drawn from different walks of life express the need for balance of trade between both countries.

The volume of trade by the two countries currently stands at less than one billion dollars.

Firing the first salvo, the Nigerian Ambassador to Russia, Prof Abdullahi Yibaikwal said many Russian companies are open for investments into Nigeria’s telecommunications sector, energy, oil and gas, healthcare and other sectors of the economy.

“These are opportunities to boost investment opportunities in both countries. There still exist a huge gap in the power generation, transportation and distribution,” he said.

Also speaking at the event, the Minister Counselor, Economic Trade and Investment) Ms. Mercy Haruna, said the prospect of trade and economic cooperation between both countries through both outflow and inflow of investment are very bright.

She added that Nigeria has opportunities in various areas such as agriculture, energy, infrastructure, ICT, and oil and gas, saying that Nigeria boasts of the largest market in Africa with a population of about 200 million.

The president, Lagos Chamber of Commerce and Industry (LCCI), Toki Mabogunje, said Lagos is the commercial nerve centre of Nigeria and the economic hub of the West African sub region, saying that LCCI is in a strategic position to promote trade and investment.
According to her, the event is part of its bilateral engagement to promote trade and investment on national, continental and global levels and organised with the aim of strengthening the bilateral relationship between Nigeria and Russia while also exposing new investment opportunities in both countries.

“We do have the largest economy in Africa with a nominal GDP of $450, so our huge economic size has attracted several international investors from across the globe. This economy is largely diversified in terms of industries, services and agriculture sector. Our economy demonstrated resilience amid pandemic disruptions in the year 2020 by exiting recession quicker than expected,” she said.

She said the federal government has continued to restate its commitment to develop the real sector of the economy through various policy initiatives, saying that with the Africa Continental Free Trade Area (AfCFTA), the opportunities for investments are huge.

On her part, the DG of the Abuja Chamber of Commerce and Industry, Victoria Akai, said she is convinced that the niche areas open to opportunities include energy, agriculture and agro-allied products, aerospace, ICT, oil and gas and infrastructural development. “We hope there can be private sector collaboration between Russia and Nigeria.”

Lending credence to foregoing, the Director-General of the Nigerian Association of Chamber Of Commerce Industry Mines and Agriculture (NACCIMA), Ambassador Ayoola Olukanni, said focus should be on the private sector and the non-oil sector.

The NIDO Russia, chapter chair, Mr. Uwem Sampson at the conference also noted that “Nigeria and Russia are huge and potential countries, so have a lot of things to gain in doing business together in which the private sector is big link. Nigerians in Diaspora Organisation (NIDO) Europe, Russian Chapter will continue to push for this business link. I, as the Continental Chairman of NIDO Europe will continue to support Russia Chapter in this direction. NIDO is a soft power of Nigeria to promote and enhance direct investment and trade to Nigeria.”