Nigeria and Russia are making conscious effort towards increasing volume of trade between both countries which currently stands at $250 million.
This was disclosed on Monday by Russian Ambassador to Nigeria, Nikolay Udovichenko, while speaking at the Nigeria-Russia Business Forum titled: “Nigeria-Russia Cooperation: New Opportunities”.
Both countries he said would further explore areas such as energy, trade and agriculture, among others.
The Envoy said, “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.
“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,” he said.
Prof Viola Onwuliri, acting Minister of Foreign Affairs, who was represented by the acting director, Joint Commission, Trade and Investment, Momoh Omeiza, said 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.
She said, “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”.
