Joseph Bakare
Russia, is showing great interest in expanding its footprint in Nigeria’s energy sector, after highlighting major trade collaborations between the two nations.
Specifically, Russia is considering space exploration, aircraft engineering, automobile manufacturing, electric power industry including nuclear energy, oil production and refining, agriculture as main areas of interest where it had significant scientific and technical potential.
On trade collaboration, the Russian Ambassador to Nigeria, Andrey Podelyshev said Nigeria imported over 1 million tons of Russian grains in 2024 and that Russia is one of the largest producers and suppliers of fertilizers to world markets including Africa.
He told journalists during commemoration the Russian day, which is celebrated June 12th every year, that mineral fertilizer production in Russia reached a new historical high of 28.3 million tonnes in 2024.
He said that Russian company “Rostselmash”, the largest producer of agricultural machinery exports its product to 40 countries.
He said the Russian economy is characterized by a very dynamic growth. As of the end of 2024, the country’s nominal GDP exceeded 201 trillion rubles, which is equivalent to more than $2.5 trillion at the current exchange rate.
“Russia’s GDP at purchasing power parity reached almost $7 trillion. Due to this fact, Russia is ranked 4th in the world by GDP at PPP, which was also confirmed by the International Monetary Fund.
“Russia’s foreign trade turnover in 2024 is estimated at $717 billion. Moreover, the volume of exports from Russia in 2024 increased to $434 billion, and Russia’s positive foreign trade balance exceeded $150 billion.
“It is important to note that for Russia, the dollar is no longer so important in carrying out foreign trade operations. The share of Russia’s settlements in national currencies in 2024 including those with the BRICS countries, reached 65 per cent.
“As of April 1 2025, the country’s external debt is estimated in absolute terms at $312 billion, which is only 14% of its GDP.
“In 2024, the inflation rate was at about 10%. Thanks to the measures taken by the Central Bank and the Government of Russia, a downward trend has become clearly evident this year. According the government’s forecasts, its level will reach the target of 4.0% in 2026. In 2023-24, Russia had a record low unemployment rate of 2.6% since the early 1990s.
“In 2024, Russian industry showed resilience and ability to adapt to changing economic conditions. By the end of 2024, production increased by 4.6%, mainly due to the manufacturing sector, where output had grown by 8.5%.
“Machine building industry has made a significant contribution to this result. The output of high-tech products in this sector increased by almost 20%.
“Among the drivers of the Russian economy there are such sectors as space exploration, aircraft engineering, automobile manufacturing, electric power industry including nuclear energy, oil production and refining, agriculture. They have significant scientific and technical potential,” he said.
Podelyshev has stated Russia’s readiness to do business with Nigerians pledging total Embassy and Trade Representative Office in Nigeria preparedness to assist in establishing appropriate business contacts.