Nigeria and Russia have renewed plans to deepen trade relationship with plans to explore new investment opportunities.

Both economies agreed that the move was apt considering the low volume of trade which currently stood at less than one billion dollars.

The Nigerian Ambassador to Russia, Prof Abdullahi Yibaikwal, at a webinar tagged “Exploring the vast opportunities of Nigerian and Russian markets” said many Russian companies are open for investments into Nigeria’s telecommunications sector, energy, oil and gas, health care and other sectors of the economy.

“These are opportunities to boost investment opportunities in both countries. There still exist a huge gap in the power generation, transportation and distribution,” he said.

In her presentation, The vice president, Council of the St. Petersburg Chamber of Commerce and Industry, Mrs. Ekaterina Lebedeva, said Nigeria and Russia have similar industries and issues that both countries could seek better solutions to address the challenges facing industrial development.

She stated that it would also create a platform for both nations to discuss newer contracts and investment opportunities.

“We are developing our investment potential over the last 7 years as a one stop shop for investment.” She noted.

The president, Lagos Chamber of Commerce and Industry (LCCI), Toki Mabogunje, said Lagos is the commercial nerve centre of Nigeria and the economic hub of the West African sub region, saying that LCCI is in a strategic position to promote trade and investment.

According to her, the event is part of its bilateral engagement to promote trade and investment on national, continental and global levels and organised with the aim of strengthening the bilateral relationship between Nigeria and Russia while also exposing new investment opportunities in both countries.

She added that the Nigerian business environment has improved remarkably in recent years following the federal government’s resolve through the Presidential Business Executive Council (PEBEC) to eliminate structural bottlenecks to the ease of doing business.

She noted that the Nigerian business landscape offers numerous opportunities for potential and existing investors intending to expand their investment commitments.

“We do have the largest economy in Africa with a nominal GDP of $450, so our huge economic size has attracted several international investors from across the globe. This economy is largely diversified in terms of industries, services and agriculture sector. Our economy demonstrated resilience amid pandemic disruptions in the year 2020 by exiting recession quicker than expected,” she said.

She said the federal government has continued to restate its commitment to develop the real sector of the economy through various policy initiatives, saying that with the AfCFTA, the opportunities for investments are huge.

“One of our strong mandates is to facilitate trade and we are looking forward to collaborating with Russian investors interested in the Nigerian economy,” she added.

Giving her remarks, the Minister Counselor, Economic Trade and Investment) Ms. Mercy Haruna, said the prospect of trade and economic cooperation between both countries through both outflow and inflow of investment are very bright.

She added that Nigeria has opportunities in various areas such as agriculture, energy, infrastructure, ICT, and oil and gas, saying that Nigeria boasts of the largest market in Africa with a population of about 200 million.

“We are aware that the trade volume between both countries is presently below a billion dollars. We need to engage in services and trade that would increase the trade volume between both countries,” she said.

She said Nigeria is ever ready and open for business to all potential investors.