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FG moves to improve trade relations with Russia

By on October 3, 2013

The Federal Government on Tuesday unveiled plans to improve trade relations between Nigeria and Russia.

The move followed the low level of trade between both countries.

Addressing journalists in Abuja, the Nigerian Ambassador to Russia, Mr. Assam Assam, and the Russian Ambassador to Nigeria, Mr. Nikolay Udovichenko, said the two countries had agreed to deepen the level of trade between each other.

Assam put the volume of trade between the two countries at about $300m, saying the figure was unacceptable considering the 50 years of trade relations.

To boost the level of trade, he said both countries’ chambers of commerce and industry would be holding the first Nigeria-Russia Business and Investment Forum in Moscow on October 9 and 10, 2013.

This, he stated, would help to open up new vistas of economic collaboration between both countries even as they celebrated 50 years of socio-economic and political relations.

Assam said, “The forum couldn’t have come at a better time than now considering the quality exchanges that both countries have had in the last one-and-a-half years.

“Nigeria and Russia have had 50 years of diplomatic relations and that is why as part of the business forum and by virtue of very prominent Nigerians who will be coming to Moscow for the forum, we have decided to use the forum as an opportunity to improve trade with Russia.”

He described the Russian economy as one of the biggest in Europe, adding that Nigeria had a lot to learn from it by virtue of the transformation of the economy since the break-up of the old Russia in 1992.

Assam said a few Nigerian companies were currently doing businesses in Russia, adding that with policy direction, the country’s economic cooperation with Russia would be greatly enhanced.

Also at the event, Udovichenko said after the forum, a lot of Russian companies would be visiting Nigeria to explore ways of improving bilateral relations.

He said with the forum, the economic relations between the two countries would be enhanced.

 

[Punch]