Trade and Economic Cooperation
Nigeria and Russia have over the years enjoyed warm bilateral economic relations. The Nigeria – Russia Joint Commission has been a strategic platform for economic collaboration. The Joint Commission is co-chaired by cabinet Ministers from both countries, and it is envisaged to act as catalyst in their concerted efforts to expand ties, including economic ties and grow the volume of trade between them. It is expected that the existing relations between the two countries will continue to grow in leaps and bounds, as the global economy gradually recovers from the negative impacts of the COVID-19 pandemic.
Commitment to deepening the trade and economic relations has been identified as a priority area by leaderships of both countries. Target of increasing bilateral trade beyond the current USD600 million in the next few years is not seen as a tall dream but something easily achievable provided there is synergy.
According to the Organization for Economic Cooperation and Development, in 2020, Nigeria’s export to Russia is put at $39.1M and the main products involved included Cocoa Beans, Cocoa Butter, and Perfume Plants. In the same period, Russia’s export to Nigeria amounted to $1.02B and the products exported were mainly Wheat, Non-fillet Frozen Fish, Potassic Fertilizers. The skewed trade balance is very clear and implies the need for expansion of Russian market for Nigerian products. To this end, Nigeria continues to aggressively showcase other agricultural products such as Cashews, groundnuts, palm oil, soy beans etc which would be of great exportation value to Russia.