The Russian Federation declared its readiness to assist the Nigerian business community in deepening trade cooperation with Russian companies to bolster the trade volume between the two countries.
Russian Ambassador to Nigeria, Andrey Podelyshev, disclosed this while briefing Journalists on Tuesday in Abuja, against the backdrop of the embassy’s preparation to commemorate the Russia Day anniversary on June 12.
He said that 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 Nigerian business community in establishing 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 where 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 2.5 trillion dollars at the current exchange rate. Russia’s GDP at purchasing power parity reached almost 7 trillion dollars, and foreign trade turnover in 2024 is 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.”
Russia pioneers space technology
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 competencies 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 (European Space Agency).
“Based on existing plans for the completion of the International Space Station (ISS), Russia began full-scale work in 2024 to launch its own national orbital station.
“The works are scheduled to be completed by 2030, and the station is to be fully constructed by 2032, respectively,” he added.
He further mentioned other areas of Russia’s comparative advantage that Nigeria benefits from to include automobile manufacturing, the electric power sector, nuclear energy, oil and gas sector.
Also are agricultural machinery, artificial intelligence, and information technology.
What you should know
Nigeria formally accepted the invitation to join the BRICS bloc of developing economies as a partner country in January 2025.
BRICS is an acronym for Brazil, Russia, India, China, and South Africa.
Russia, which is the largest country in the world that spans two continents and straddles 11 time zones, is renowned for its vast territory with a veritable mosaic of cultures, extreme landscapes and iconic monuments.
