Nigeria, Russia seek to strengthen trade ties

Africa's economic landscape is set to transform as Nigeria and Russia explore opportunities to strengthen their trade ties. Nigeria's Ambassador to Russia, Steve Ugbah, highlighted the need for increased engagement between Russia and African nations during the Afreximbank's 2019 Annual Meetings in Moscow. This platform serves as a gateway for African countries to tap into the vast economic potential that Russia has to offer. Ugbah expressed his optimism about Russia's growing interest in Africa, emphasizing the importance of bridging the gap between the two regions. The ambassador noted that previous forums in Russia predominantly focused on Asia and Europe, with minimal attention given to Africa. However, the recent shift towards highlighting Africa at the Moscow event signifies a positive step towards fostering stronger economic ties between the continents. Ugbah underscored the significance of upcoming summits and forums in further solidifying this growing relationship. One key area of collaboration discussed by Ugbah is the potential for mutual investments between African and Russian investors. He highlighted the synergy between Nigeria and Russia in the hydrocarbons sector, with both countries boasting significant expertise in oil and gas production. Ugbah mentioned existing partnerships between Nigerian and Russian firms in oil field development, indicating a promising avenue for future collaboration. Moreover, the ambassador emphasized the vast opportunities for knowledge exchange and technological cooperation between Nigeria and Russia. He encouraged Nigerian investors to explore the diverse sectors in Russia, ranging from solid mineral development to space technology and agriculture. Ugbah acknowledged Russia's pivotal role in supporting Nigeria during critical periods, such as the Civil War in the 1970s, underscoring the historical ties that bind the two nations. In a bid to enhance mutual understanding and foster economic growth, Ugbah highlighted the importance of educational initiatives. He pointed out a lack of awareness about Russia in Nigeria and vice versa, underscoring the need for both countries to bridge this knowledge gap. Ugbah detailed ongoing efforts to promote cross-border investments, including organizing business forums and facilitating exchange visits between Russian and Nigerian investors. The ambassador highlighted the positive responses from both sides following these initiatives, with investors expressing eagerness to explore new opportunities in each other's markets. Ugbah emphasized the importance of cultural exchanges and educational programs to deepen bilateral relations between Nigeria and Russia. By fostering closer ties and promoting mutual cooperation, both countries stand to benefit from shared economic growth and development. As Nigeria and Russia pave the way for increased collaboration, the potential for transformative partnerships across various sectors looms large. With a shared vision for economic progress and mutual benefits, the future holds promise for a burgeoning alliance between these two nations.