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OUTSIDE EKITI! Nigeria and Russia Explore Areas of Mutual Economic Cooperation



A Russian Government delegation and the Lagos Chamber of Commerce and Industry (LCCI) are exploring areas of possible cooperation.

The Russian Government and its trade mission met their Nigerian counterparts at an event organized by the LCCI tagged RuNiTrade (Russians and Nigeria trade launch), an e-ecommerce platform where areas of possible cooperation were discussed.



LCCI president Mrs Nike Akande said Nigerians and Russian economies are similar in some ways, saying that both are oil producing countries and rich in natural gas. She however, noted that the Russian economy is much bigger and more advanced technologically.

Stressing the need to diversify the Nigerian Economy through increased global trade, Akande regretted the low level of trade between the countries. She pointed out that with cooperation between the private sectors of both economies, the level of trade could be improved.

“We can benefit a lot from Russian technology in many fields. There are also tremendous opportunities for corporation and investment relations in infrastructure development, especially power and engineering infrastructure” she said, adding that LCCI was excited by its collaboration with the Russian business on the e-commerce platform.


She said the launching of the platform will further boost trade and investment relations between both countries. “There is a great value in deploying technology to promote trade .already, e-commerce has gained wide acceptance in our retail trade sector,”akande said

Our gross domestic product (GDP) of over $500 billion is the largest in the continent. we are richly endowed in natural resources. our macroeconomic fundamentals are still strong despites the current global issues with commodity prices.

The president, Russian chamber of commerce and industry, Mr.Vladimir Zubov, said a platform such as RuNiTrade has been long awaited and necessary tool which the business community needs not only in Russia but also in other developing countries. “we are ready to support business to business (B2B)-RuNiTrade project on its way to success. this will help us continue the development of mutually beneficial partnership and cooperation in the area of trade and investment”zubov said.


Head, Russian export center, Mr. Palvel Borisov, in his presentation encouraged Nigerian businesses especially those in banking and insurance to key into the programme. He said Russian has engaged smaller countries such as South Africa and Sudan in various segment of the economy. He also said since his country shares certain similarities with Nigeria any partnership would be mutually beneficial
Source: The Nation
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