Abuja: The Russian Federation has expressed its willingness to deepen trade cooperation with Nigeria, aiming to strengthen the trade volume between the two nations. Amb. Andrey Podelyshev, the Russian Ambassador to Nigeria, highlighted this initiative during a press briefing in Abuja. The announcement comes as the embassy prepares to mark the Russia Day anniversary on June 12.
According to News Agency of Nigeria, Amb. Podelyshev emphasized the importance of knowledge sharing about Russia’s economic potential, which could greatly benefit Nigeria. He stated that the Russian embassy and its trade representative office in Nigeria are prepared to facilitate business connections for the Nigerian business community interested in collaborating with Russian companies. The ambassador pinpointed economic and technological sectors as areas where Russia holds a competitive edge, potentially benefiting Nigeria and the broader African region.
Podelyshev pointed out that Russia’s economy is experiencing dynamic growth, with a nominal GDP surpassing 201 trillion Rubles by the end of 2024, equivalent to $2.5 trillion. He noted that Russia’s GDP at purchasing power parity is nearly $7 trillion, with a foreign trade turnover estimated at $717 billion in 2024. Furthermore, he mentioned the rise in exports from Russia, which reached $434 billion, resulting in a positive foreign trade balance exceeding $150 billion.
He further explained that the use of national currencies in foreign trade operations has increased significantly, with 65 percent of settlements in 2024 conducted in national currencies, particularly with BRICS countries. Russia’s external debt, as of April 1, 2025, stands at $312 billion, only 14 percent of its GDP.
Highlighting the drivers of the Russian economy, Podelyshev identified sectors such as space exploration, aircraft engineering, automobile manufacturing, electric power industry, nuclear energy, and oil production. Russia’s notable achievements in space exploration were underscored, including plans to launch its national orbital station by 2030.
Additionally, the ambassador mentioned other sectors where Nigeria could gain from Russia’s comparative advantages, such as automobile manufacturing, the electric power sector, nuclear energy, and the oil and gas industry. Agricultural machinery, artificial intelligence, and information technology were also highlighted as potential areas of collaboration.
Russia, being the largest nation globally, boasts a diverse landscape and a rich cultural tapestry, presenting opportunities for expanded international cooperation.