Stakeholders seek stronger ties between Nigeria, Russia for increased trade

Stakeholders from various sectors have called for more collaboration between Nigeria and Russia, saying that both countries share more similarities that can be explored.

The stakeholders spoke at a recent conference organised by the Centre for Economic Ideas, Educational Support and Consulting (Nigeria), a subsidiary of Civarol International Limited (Nigeria) and the G3 International Alliance (Russia).

The event was held at the Nigerian Institute of Public Service in Abuja, hosting a broad range of speakers and guests.

According to the organisers, the main goal of the joint business conversation was to create the necessary platform for effective economic interaction and further strengthen business relations between Nigeria and Russia.

At the event, the speakers raised concerns over the issue of security, foreign exchange transactions and control, the absence of certain financial standards, and the lack of government participation in small and medium-sized (SMEs) businesses.

According to them, “Nigerians today are waiting for Russian business ideas, investment projects, plans for the development of joint energy, trade, logistics and other programmes, including the construction of a nuclear power plant in Nigeria”.

In his presentation, A.I. Medvedeva, rector of the International Institute of health, said there is a need for the use of new technologies in the field of education.

This, he said, requires increasing the efficiency of public, corporate, and private investments to introduce an integrated approach that allows the use of a single infrastructure for the needs of the economy, education, health care and the development of social structures of African countries.

“There is a need for Russian language on the sunny continent,” he said.

“In addition to oil, natural gas, uranium and gold, Nigeria has deposits of various minerals, such as: coal, lignite and coke, iron ore, tin, bitumen, lithium; tantalum, columbite, wolframite, rare earth and precious metals, natural building materials.”

Also speaking, Ben Otbonna, head of economics department at the Abia State University, highlighted the issues of the global economic integration of the two countries.

Also, Samson Nzeribe, the dean of the college of social sciences and management at Gregory University, extensively spoke on the activities of small and medium-sized businesses involved in the Nigeria-Russia economic relations.

On his part, Esu Ossai-Igwe Lucky, the associate professor and head of the department of administration and management, Crawford University, corroborated the views of Nzeribe.

He drew attention to the issues of export and interaction between both countries in terms of innovation, technology and highly qualified specialists in this field.

The speakers added that the prospects for cooperation between Nigeria and Russia are truly enormous, stressing that the two countries have everything for mutually beneficial, long-term trade and economic relations.