The Russian Federation yesterday declared its readiness to assist Nigeria business community deepen trade cooperation with Russian companies to bolster the trade volume between the two countries.
Amb. Andrey Podelyshev, Russian Ambassador to Nigeria, disclosed this while briefing Journalists yesterday in Abuja, against backdrop of the embassy’s preparation to commemorate the Russia Day anniversary on June 12.
He said although June 12, is celebrated by the Russian Federation as Russian Day, it has become important for the embassy to promote knowledge sharing about Russian economic potential for Nigeria’s benefit.
“Our embassy and trade representative office in Nigeria are ready to assist the Nigeria business community establish appropriate business contacts, if there is an interest in cooperation with Russian companies in these industries”.
The ambassador identified economic and technological sectors as key priority areas that Russia has advantages which could benefit Nigeria, and Africa at large in the long term.
According to him, these areas mentioned are only a small part among others of where Russia has competencies and what its companies can offer on the world market including Nigeria.
Podelyshev said, “The Russian economy is characterised by a very dynamic growth. As of the end of 2024, the country’s nominal GDP exceeded 201 trillion Rubles.
“This is equivalent to 2.5trillion dollars at current exchange rate. Russia’s GDP at purchasing power parity reached almost 7 trillion dollars and foreign trade turnover in 2024 estimated at 717 billion dollars.
“The volume of exports from Russia increased to 434 billion dollars and Russia’s positive foreign trade balance exceeded 150 billion dollars.
“For Russia, the dollar is no longer so important in carrying out foreign trade operations. The share of settlements in national currencies in 2024, including those with BRICS countries reached 65 per cent.
“As of April 1, 2025, the country’s external debt is estimated in absolute terms at 312 billion dollars, which is only 14 per cent of its GDP.”
He described drivers of the Russian economy such as space exploration, aircraft engineering, automobile manufacturing, electric power industry, nuclear energy, oil production, refining and agriculture to have significant scientific and technical potential.
“Russia is one of the pioneers of space exploration and possesses a unique set of competences in this area. The Russian space industry includes about 100 enterprises employing more than 250,000 people.
“Amidst turbulence in international politics, Russia’s space industry continues to confidently keep its position on the world stage, maintaining ties with both the United States (NASA) and the European Union (EuropeanSpace Agency),” he added.