Nigeria woos Russian investors, seeks local currency trade settlement at Moscow summit.
The post Nigeria woos Russian investors, seeks local currency trade settlement at Moscow summit appeared first on Vanguard News .
By Boluwaji Obahopo Nigeria has called for a shift in its relations with Russia from political commitments to practical economic cooperation, urging Russian investors to explore opportunities in the country’s energy, solid minerals, agriculture, manufacturing, pharmaceuticals and digital sectors.
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call while delivering Nigeria’s statement at the Third Russia-Africa Summit at the Grand Kremlin Palace, where he also advocated stronger trade and financial arrangements, including independent local currency settlement mechanisms between both countries.
Enikanolaiye, who led Nigeria’s delegation to the summit, said the future of Africa- Russia relations must be measured by tangible economic outcomes, stressing the need to translate longstanding diplomatic ties into investments, technology transfer and development partnerships. He said Nigeria was particularly interested in strengthening cross-border payment arrangements with Russia through mutually agreed systems, alongside improved banking channels and financial infrastructure to facilitate trade and investment. The minister, who conveyed President Bola Ahmed Tinubu’s greetings to Russian President Vladimir Putin and the African Union Chairman, President Evariste Ndayishimiye of Burundi, said the private sector must play a greater role in driving the partnership. He urged Russia to collaborate with African countries on commercially viable infrastructure projects covering railways, ports, energy, telecommunications, transport and logistics, noting that such investments would strengthen regional connectivity and support the objectives of the African Continental Free Trade Area (AfCFTA).
MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with Vanguard.