KEY POINTS
- Nigeria has urged Russian investors to explore opportunities in energy, solid minerals, agriculture, manufacturing and other sectors.
- Minister of State for Foreign Affairs Sola Enikanolaiye identified banking restrictions and cross-border payment challenges as barriers to stronger trade.
- Nigeria backed a 2027–2029 Africa-Russia Action Plan with clear financing and monitoring arrangements.
MAIN STORY
Nigeria has called for increased Russian investment in its economy, identifying energy, solid minerals, agriculture, manufacturing and digital services as sectors with opportunities for stronger bilateral cooperation.
The Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, made the call while delivering Nigeria’s National Statement at the Third Russia-Africa Summit in Moscow.
In a statement issued by his Special Assistant on Digital Media and Public Diplomacy, Raphael Oni, on Friday in Abuja, the minister urged both countries to move beyond political commitments towards practical economic cooperation and measurable results.
He identified banking restrictions, cross-border payment arrangements and inadequate financial infrastructure as barriers that required sustainable solutions to improve trade between Nigeria and Russia.
Enikanolaiye also called for Russian investment in commercially viable infrastructure projects, including railways, ports, transport, energy, telecommunications and logistics.
He described Nigeria as Africa’s largest market and a strategic gateway to West Africa and the African Continental Free Trade Area (AfCFTA), urging Russian businesses to consider the country’s market opportunities.
THE ISSUES
The minister’s call highlights the financial and infrastructure challenges that could affect the expansion of trade between both countries.
He expressed Nigeria’s interest in deepening local-currency settlement mechanisms with Russia through agreed standards for cross-border payments, arguing that practical payment arrangements were necessary to support economic cooperation.
On technology, Enikanolaiye said Africa should not remain merely a consumer of digital products. He called for collaboration in artificial intelligence, cybersecurity, software development and joint research, with emphasis on technology transfer and capacity building.
He also identified opportunities for cooperation in fertiliser production, irrigation, agricultural mechanisation, storage and agro-processing.
According to him, such partnerships should strengthen Africa’s ability to produce and process more food while retaining greater value within the continent.
The minister further called for stronger security cooperation against terrorism, violent extremism, organised crime, arms trafficking, piracy and cybercrime. He stressed that such efforts should support African ownership and solutions led by regional institutions, including the African Union and ECOWAS.
WHAT’S BEING SAID
“The future of the partnership cannot be built by governments alone, thus, the need for greater participation of the African private sector.” – Amb. Sola Enikanolaiye, Minister of State for Foreign Affairs.
At the plenary session, Russian President Vladimir Putin described Russia and Africa as “natural allies in building a just multipolar order”.
President of Burundi and summit co-chair, Evariste Ndayishimiye, said Africa would not replace one form of subordination with another, stressing the continent’s independent approach to international cooperation.
WHAT’S NEXT
Enikanolaiye said Nigeria supported a focused Africa-Russia Action Plan for 2027–2029, with clear priorities, financing arrangements and monitoring frameworks.
He said the success of the summit should be measured by concrete outcomes rather than political declarations.
Ndayishimiye also said the action plan would support efforts to address infrastructure gaps through technology transfer and talent development. He identified water security as a priority and called for Africa to become a more independent global actor rather than remain an aid recipient.
The Nigerian minister also called for reforms of the United Nations Security Council and the international financial architecture to improve Africa’s representation in global institutions.
BOTTOM LINE
Nigeria wants its engagement with Russia to deliver investment, technology transfer and practical trade opportunities. However, resolving payment barriers and establishing clear financing and implementation arrangements will be important to turning the proposed cooperation into commercial outcomes.
