Nigeria-Russia Trade Volume Hits $250m

October 29 04:54 2013 Print This Article

Russian Ambassador to Nigeria, Mr. Nikolay Udovichenko

As efforts continue to increase trade, Nigeria-Russia trade volume has been put at $250million.

Russian Ambassador to Nigeria, Mr. Nikolay Udovichenko disclosed this Monday at the Nigeria-Russia Business Forum in Abuja.

Mr. Udovichenko admitted that significant effort from both country is needed to improve the volume of trade.

“In terms of statistics, it is not so big because it is a quarter of billion dollars but with our effort, we can lift the performance significantly and I am sure we will be effective in this way.”

The Ambassador explained that Russia is looking to develop cooperation in the fields of investment, energy, trade and agriculture, among other in order to shore up its volume of trade with Nigeria.

Mr. Udovichenko lauded government’s effort at attracting Foreign Direct Investment (FDI) through the establishment of free trade zones across the country.

“Particularly, Russia and Nigeria have signed the Investment Promotion and Protection Treaty which I hope would be ratified by the Nigerian side and come into force in the very nearest future,” he said.

Minister of Foreign Affairs, Mrs. Viola Onwuliri, said the forum would afford both countries the opportunity to be better informed about the Nigerian business environment and climate in Nigeria, explore opportunities and seek ways of improving on the existing areas in the economic engagement.

The Acting Director, Joint Commission, Trade and Investment Division in the ministry, Mr. Momoh Omeiza, who represented the minister said with a quantitative and qualitative population of about 170 million Nigeria is every investor delight.

She said, “Therefore, Nigeria is looking forward to partnering with Russian business community in the areas of agriculture, power, mining, health, manufacturing, education, tourism, energy, housing, ICT, etc.”

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