Nigeria and Russia are intensifying effort to boost trade and investment, the Russian Ambassador to Nigeria, Nikolay Udovichenko, has said.
According to Udovichenko, conscious efforts are being made to increase the trade volume between both countries, which now stands at $250 million, with focus on energy, trade and agriculture, among others.
The Envoy, who spoke on Monday in Abuja at the Nigeria-Russia Business Forum, titled: “Nigeria-Russia Cooperation: New Opportunities”, said the idea of a business forum came up in a bid to establish comprehensive and mutual beneficial ties.
His words: “In terms of statistics, it is not so big because it is a quarter of billion dollars but with our effort, we can lift the performance significantly and I am sure we will be effective in this way.”
Udovichenko explained that the embassy’s initiative to invite Russian investors and business companies to Nigeria would bring positive result through lifting the bilateral trade and cooperation in economic, humanitarian, political and foreign technical cooperation fields.
He spoke further: “We see new opportunities for Russian companies. Suffice it to say that Nigeria has all chances to become Africa’s biggest economy in the nearest future. That is why we and the embassy of Nigeria in Moscow almost simultaneously decided to amplify efficacious bilateral cooperation.
“Particularly, Russia and Nigeria have signed the Investment Promotion and Protection Treaty which I hope would be ratified by the Nigerian side and come into force in the very nearest future.”
Also speaking at the Forum, acting Minister of Foreign Affairs, Prof. Viola Onwuliri, noted that the forum would enable both countries to be better informed of the business climate in Nigeria, explore new areas of opportunities, collaborations and ways to improve on the existing areas in the economic engagement.
The Minister, who was represented by Acting Director, Joint Commission, Trade and Investment Division in the ministry, Momoh Omeiza, said Nigeria is blessed with about 170 million people as well as numerous resources in commercial value and quantity.
“Therefore, Nigeria is looking forward to partnering with Russian business community in the areas of agriculture, power, mining, health, manufacturing, education, tourism, energy, housing, ICT, etc,” the minister said.
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