General
Nigeria Outlines Strategies to Boost Economic Ties with Russia
By Kester Kenn Klomegah
Nigeria is an economic powerhouse in West African region. As it is publicly known, Nigeria is one of the Africa’s fastest growing economies and it boosts the largest population.
Under President Muhammadu Buhari, Nigeria has taken practical steps to continue bolstering economic and strategic ties with Russia.
Interestingly, Russia and Nigeria’s two-way trade remains minimal, far below expected level, given the fact that Russia is the biggest market in the Eurasian region and Nigeria the biggest market in Africa.
Relations between Nigeria and Russia can be traced back to the former Union of the Soviet of Social Republics era when diplomatic relations between the two countries were established. Since then, economic relations between both countries have steadily developed with a number of leading Russian companies establishing their presence in Nigeria. Russian investment in Nigeria covers such areas as energy, iron and steel, and hydrocarbon.
The Russian-Nigerian Business Council was also established to oversee economic activities between the two countries. It is also a platform for the two countries to sit down and draw up agreements and Memorandum of Understanding (MoU) on how to conduct effective businesses and investment in both countries.
Now, new hopes in Moscow and Abuja are that the countries’ annual commercial ties have to be increased rapidly to billions of dollars during the next few years. Russia plans to help Nigeria explore for oil and gas.
Furthermore, Russia has expressed deep interest in Nigeria, highly pledging to build nuclear power plants, petroleum pipelines, railways and infrastructure.
Kester Kenn Klomegah recently interviewed Professor Steve Ugbah, Nigerian Ambassador to the Russian Federation, who discussed the current Nigeria and Russia economic cooperation, ways to improve trade and other key foreign policy priorities.
In addition, Professor Ugbah shares hopes and optimism for the future relations between the two countries.
How do you see the economic relations developing currently between Russia and Nigeria?
The economic relations between Nigeria and Russia are not consistent with the long-standing cordial relations between both countries. This may be attributed to the apparent inadequate knowledge of the many investment opportunities in both countries. Nigeria is a vast market with huge potentials for prospective foreign investors and so is Russia. Regrettably, investors from both sides appear to know little or nothing about these opportunities.
However, in recent times, efforts have been made to improve the economic relations between both countries through rigorous sensitization interfaces and negotiations by the embassies of both countries. Since, my resumption of office as Nigerian Ambassador to the Russian Federation, I have held talks with several Russian companies who have demonstrated keen interest to invest in Nigeria, as well as resuscitating several abandoned economic projects.
I would like to add that, with our current sensitization drive on the economic potentials in both countries, there is an encouraging upsurge of interest that we have observed recently with an increasing number of interactions between private businesses in both countries. So given this development, I believe in a short time there will be tremendous improvement in the economic relations between both countries.
By the way, what are the Federal Government’s key priorities and expectations from the Russian Federation?
The priorities of the Federal Government of Nigeria from the Russian Government include the following: to promote mutually beneficial interests, particularly the promotion of friendly and cordial relations between the government and people of Nigeria and those of the Russian Federation; as well as to facilitate good socio-economic partnership and establish business ties that will be beneficial to both countries.
In addition, also a key component of Nigeria’s interest is to protect and promote the security and wellbeing of Nigerian citizens resident in the Russian Federation.
These priorities are pursued majorly through interactions at official levels between both governments and between the peoples of the two countries; exchange of official visits and cultural programmes and the signing of series of agreements including the Bilateral Education Agreement (BEA) which has brought many Nigerian students to various institutions in the Russian Federation.
What is the state of development regarding infrastructure projects already began by Russia, at least, a decade ago, in Nigeria?
There are two major infrastructural Russian projects in Nigeria: ALSCON and Ajaokuta Steel Plant. ALSCON has been resuscitated, while negotiations are ongoing to operationalize Ajaokuta Steel Plant.
Since the establishment of diplomatic relations with Soviet Union and now with Russia, trade figures have never balanced. What are your views about this trend and in what ways the trade imbalance could be reversed?
As I have stated earlier, the problem of low volume of trade and trade imbalance may be traced to the apparent poor or inadequate information on the vast investment opportunities in both countries. Concrete efforts have been made by the Embassy to increase awareness among Nigerian investors and their Russian counterparts on the many available investment opportunities.
I have held series of meetings with the Russian Chambers of Commerce and Industry, Russia-Nigerian Business Council and several companies and private owned business establishments here in the Russian Federation to promote economic partnership between both countries.
My duties as Nigerian Ambassador in the Russian Federation include: to deepen the existing cordial relations between our two friendly countries; to open Nigeria to Russian investors with regards to our vast business opportunities; and to expose investment openings in the Russian Federation to Nigerian investors.
In order to improve the trade imbalance, the Economic, Trade and Investment Section of the Embassy has been rigorously involved in educating and informing Nigerian investors of the investment opportunities in Russia, as well as providing necessary assistance they may require to invest in Russia.
In Nigeria, how do political elite and business people perceive the economic changes, and what they make out from the changes, emerging opportunities in Russia?
Economic changes are keenly observed by both, the political elite and business people, as it helps them to make informed decisions that would improve the state of the nation and business, respectively. Nigeria views Russia as a strategic partner therefore, efforts are being made to harness emerging opportunities in Russia by Nigeria.
Could you please give us your interpretation of future perspectives of the relations between Russia and Nigeria. How would you like to see the relations develop into the future?
Nigeria-Russia relations have come a long way since diplomatic ties were established between both countries, dating back to the Soviet Union Era. This can be seen in the different levels of cooperation between Nigeria and Russia. Worthy of mention in this regard is the diligent implementation of the Bilateral Education Agreement (BEA); Russia military assistance to end the Nigerian Civil War from 1967-1970; and, in recent times, military and technical assistance to help end the Boko Haram insurgency in the North East of Nigeria.
Recently, exchange of visits by senior public officials and private sector players from both sides have facilitated the prospects for even greater bilateral cooperation. I am hopeful that this cordiality will expand into various partnerships in different sectors that would be beneficial to both countries. Russia, as the successor state to the defunct USSR, is a strategic partner, with a lot of promise for greater mutually beneficial relations into the future.
General
US Suspends Immigrants Visa for Nigerians, 74 Others
By Adedapo Adesanya
Nigeria is among 75 countries the US government will suspend the processing of immigrant visas for its citizens.
According to the US State Department, the citizens of the 75 countries are those whose nationals are deemed likely to require public assistance while living in the United States.
The State Department, led by Secretary Marco Rubio, said it had instructed consular officers to halt immigrant visa applications from the countries affected in accordance with a broader order issued in November that tightened rules around potential immigrants who might become “public charges” in the US.
Business Post gathered that alongside Nigeria are Afghanistan, Albania, Algeria, Antigua and Barbuda, Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize, Bhutan, Bosnia, Brazil, Burma, Cambodia, Cameroon, Cape Verde, Colombia, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, and Dominica.
Others include Egypt, Eritrea, Ethiopia, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea, Haiti, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kosovo, Kuwait, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Macedonia, Moldova, Mongolia, Montenegro, Morocco, Nepal, Nicaragua, Pakistan, Republic of the Congo, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Tanzania, Thailand, Togo, Tunisia, Uganda, Uruguay, Uzbekistan, and Yemen.
The suspension, which will begin on January 21, will not apply to applicants seeking non-immigrant visas, or temporary tourist or business visas.
“The Trump administration is bringing an end to the abuse of America’s immigration system by those who would extract wealth from the American people,” the department said in a statement.
“Immigrant visa processing from these 75 countries will be paused while the State Department reassess immigration processing procedures to prevent the entry of foreign nationals who would take welfare and public benefits.”
President Donald Trump’s administration has already severely restricted immigrant and non-immigrant visa processing for citizens of dozens of countries, many of them in Africa.
General
Nigeria Hires $9m American Lobby Firm to Counter Christian Genocide Claims
By Adedapo Adesanya
Nigeria has reportedly engaged the services of a Washington-based lobbying firm, DCI Group, in a $9 million contract aimed at communicating its efforts to protect Christians in Nigeria to the United States government.
According to The Africa Report, the amount appears to be a record for African lobbying in the US capital, citing documents filed with the US Department of Justice by Aster Legal, a Kaduna-based law firm, acting on behalf of National Security Adviser (NSA), Mr Nuhu Ribadu.
The agreement, signed on December 17, 2025, between Mr Oyetunji Olalekan Teslim, Managing Partner of Aster Legal, and Mr Justin Peterson, Managing Member of DCI Group, authorises the US firm to assist the Nigerian government “in communicating its actions to protect Nigerian Christian communities and maintaining US support in countering West African jihadist groups and other destabilizing elements.”
Under the terms of the contract, DCI Group will receive $750,000 monthly, amounting to $9 million over 12 months. The deal runs initially for six months, until June 30, 2026, with an automatic renewal clause for another six-month period.
A clause in the agreement also allowed either party to terminate the deal “for any reason without penalty” by giving 60 days’ advance written notice.
It was reported that on December 12, 2025, Nigeria paid DCI Group 50 per cent or $4.5 million prepayment covering the first six months of the retainership agreement. A second installment is due at the end of the initial contract period.
This comes amid recent threats by US President Donald Trump to invade the country after its redesignation of Nigeria as a “country of particular concern,” citing alleged attacks against Christian communities. However, the Nigerian government has repeatedly denied claims of a Christian genocide, insisting that violence in the country affects all regardless of their affiliations.
Following an engagement late last year, the federal government pledged to “engage with the American government through diplomatic and legal channels” to address the allegations. Since late November, the US has been conducting intelligence-gathering flights over large parts of Nigeria.
On Christmas Day, the US military launched airstrikes against Islamic State (IS) terrorist enclaves in Bauni Forest, Tangaza Local Government Area of Sokoto State, marking a significant escalation in US counterterrorism involvement in Nigeria.
On Tuesday, the US delivered critical military supplies to Nigeria to bolster the country’s operations, the US military’s Africa Command (AFRICOM) said.
General
Nigeria, UAE Seal Trade Pact, to Co-host Investopia
By Adedapo Adesanya
President Bola Tinubu has said Nigeria would co-host Investopia with the United Arab Emirates (UAE) in Lagos in February, an initiative aimed at attracting global investors and accelerating sustainable investment inflows.
President Tinubu made this announcement on the sidelines of the 2026 Abu Dhabi Sustainability Week (ADSW), where Nigeria also concluded a Comprehensive Economic Partnership Agreement (CEPA) with the UAE to deepen trade and cooperation in renewable energy, infrastructure, logistics, and digital trade.
“We warmly invite our partners to join us and help build the next chapter of sustainable and shared prosperity for Nigeria, Africa, and the world, ” President Tinubu said.
He described CEPA as a historic and strategic agreement that will also enhance cooperation in aviation, logistics, agriculture, and climate-smart infrastructure, creating enduring opportunities for the people of the two countries, stating that Investopia will bring together investors, innovators, policymakers, and business leaders to transform opportunities into commitment and ideas into investment.
Mr Tinubu told the summit that Nigeria aims to mobilise up to $30 billion annually in climate and green industrial finance as it accelerates energy transition reforms and expands nationwide electricity access.
“The foundation of every modern economy is electricity. As an emerging economy in the Global South, we understand the delicate balance between industrialisation and decarbonisation, ensuring neither is pursued at the expense of the other.
”We are calling for a fundamental shift in the global financial architecture: a move away from the restrictive requirement of sovereign guarantees, which unfairly penalise developing economies.
”Instead, the focus should be on blended finance and first-loss capital mechanisms that allow private sustainable capital flows directly into our green projects without further straining national balance sheets,” he said.
According to President Tinubu, Nigeria has strengthened its climate governance framework with the adoption of a National Carbon Market Activation Policy and the launch of a National Carbon Registry.
He explained that these measures are aimed at improving transparency and investor confidence.
Mr Tinubu highlighted the Electricity Act 2023 as a central pillar of Nigeria’s energy reforms, noting that it enables decentralised power generation and distribution to underserved communities.
He added that Nigeria’s climate investment drive includes a $500 million distributed renewable energy fund backed by the Nigeria Sovereign Investment Authority, as well as a $750 million World Bank programme expected to expand clean electricity access to more than 17.5 million people.
President Tinubu reaffirmed Nigeria’s target of net-zero emissions by 2060, under its Energy Transition Plan, while pursuing industrial growth and universal energy access.
He invited foreign investors to partner in Nigeria’s lithium and critical minerals sector, stressing that the government prioritises local processing and value addition.
President Tinubu noted that Nigeria’s ongoing economic reforms are producing tangible results, including a 21 per cent growth in non-oil exports.
”These reforms, alongside wider fiscal and monetary measures, are delivering results. Non-oil exports have grown by 21 per cent, supported by a more diversified product base. Capital importation has risen, and Nigeria now has over 50 billion dollars in investment commitments across key sectors.
”We are ready to work with partners across the world to ensure that the next era of development is not only green and inclusive, but just and enduring,” he said.
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