Nigeria, Russia make a move towards improving trade Relations.

50 years of trade relations, yet no feasible improvement? We'll I guess the two countries have decided to take a giant step towards changing that (hopefully)!

Read more below...

Source Punch:

Despite a 50-year business relationship between Nigeria and Russia, trade volume has remained low with a current figure of $300m per annum.

The low trade rate spurred a meeting between stakeholders in the business sectors of both countries to find ways of collaboration, aimed at boosting the volume of trade.

At the meeting organised by Afrinvest West Africa Limited, Lagos Chamber of Commerce and Industry and the Russian Embassy, stakeholders sought to create new opportunities for both countries.

The Russian Ambassador to Nigeria, Mr. Nicholay Udovichenko, said the embassy decided to build a stronger bilateral trade with Nigeria as the biggest investment destination in sub-Sahara Africa.

“In Nigeria, we see new opportunities and we must build bridges on which business from both countries will thrive. Russians here today, will connect with their Nigerian counterparts to establish better business relations,” he said.

Several companies from different sectors of the Russian economy including the automobile, construction, oil and gas, and law, were at the meeting in search of partnerships and investments.

President of LCCI, Mr. Goodie Ibru, said both countries would benefit from business relations as no nation had a comparative advantage in everything.

 He said, “Nigeria and Russia are both rich and are both large economies, rich in natural resources. Although Nigeria is smaller in terms of technology and infrastructure development, there’s a lot for both countries to benefit from.

“The current level of trade is poor at $300m a year, compared to what Nigeria has with other countries. With a closer tie, it can be improved as Nigeria stands to benefit from the infrastructure and power sector of Russia.

 “Nigeria also has a lot to offer with its status as the largest market in Africa with a Gross Domestic Product considered the highest in West Africa and expected to grow bigger in the next two years.”

He added that the LCCI would extend the necessary support to improve trade relations between both countries.

The Managing Director of Afrinvest, Mr. Ike Chioke, said his organisation, which had been involved in the Nigerian Capital Market for 19 years, got involved with the forum as its way of boosting the country’s trade relations with the international community.