The Nigeria-Russia Chambers of Commerce and Industry formally launched on Tuesday in Abuja, with the former Senate President, Bukola Saraki urging the private sector and stakeholders to work hard to grow Nigeria’s economy and maximize trade growth with Russia.

Saraki, who is also a former Kwara State Governor revealed this at the official launch of the Commerce House between the 2 nations.

Saraki added that Nigeria has been looking for increased trade with Russia, citing that a platform like the official chambers of commerce between Nigeria and Russia was needed to boost economic collaboration and improve the economic situation of Africa’s largest economy.

What they are saying

This is a beginning of a new page. The private sector must seize this opportunity to grow Nigeria’s business environment,” Saraki said.

President of the Nigeria-Russia Chambers of Commerce and Industry, Chief Obiora Okonkwo, noted the low volume of trade between Nigeria and Russia.

Nigeria ought to be the number one trade partner of Russia in Africa, going by enormous resources available in the country.

Russia did what they were supposed to do in the Ajaokuta steel company in the 70s when Nigeria first established trade relations with the European country,” Okonkwo said.

He also revealed that Russia trained a lot of Nigerians back then, citing that Nigerians are happy today that the Russians are hungry to start dealing with Nigeria again.

“If I’m able to win the governorship seat in Anambra, we are going to open the state to Russia for the development of the state, in terms of trade relationship,” he added

Dr Uchechukwu Ogah, Minister of State for Mines and Steel, said that Nigeria had been in the need of the relationship, adding it would enable Nigeria get closer to the realisation of its potential, including projects like the Ajaokuta Mines and Steel company, noting that when revived would create 500, 000 jobs for the country.

Nigeria has so much potentials in terms of mineral resources. Within the shortest possible time, we want to come out of our comatose mineral challenges in terms of exploitation.

We are glad for this relationship, we will support this relationship from our ministry to ensure it sees the light of the day,” he said.

Amb. Oleg Ozerov, Russia Envoy/Head of Russia delegation, stated that both Nigeria and Russia “need each other. This association must work together. We could build cooperation in different fields and not only in oil and gas.”

In case you missed it

Recall Nairametrics reported in July that the Nigerians in Diaspora Organisation (NIDO) revealed that 9 Russian companies have declared interest to invest the sum of $500 million into Nigeria’s manufacturing sector.

The Federal Government last month announced that it signed a Military-Technical Cooperation Agreement with the Russian Federation, which will boost the supply of military equipment, provision of after-sales services, and training of personnel in the fight against insecurity.

The FG added that the Military-Technical Cooperation between the two countries which was signed on 23rd August 2021, provides a legal framework for the supply of military equipment, provision of after-sales services, training of personnel in respective educational establishments and technology transfer, among others.