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.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has revealed that credit extended to the government rose by 65.6 per cent year-on-year to N39.6 trillion in April 2026 from N23.9 trillion in April 2025, driven by increased borrowing to finance the 2026 budget deficit.
In its latest Money and Credit Statistics, the apex bank showed that the federal government increased borrowing from domestic investors by 7.4 per cent to N8.1 trillion in the first quarter of 2026 from N7.5 trillion in the same period of 2025.
The CBN data also showed that credit to the private sector rose by 3.25 per cent to N80.6 trillion in April 2026 from N78.06 trillion in April 2025.
Consequently, net domestic credit rose by 17.8 per cent to N120.2 trillion in April 2026 from N102 trillion in the corresponding period last year.
Following the same trend, Nigeria’s broad money supply (M2) increased by 4.8 per cent YoY to N124.98 trillion in April 2026 from N119.2 trillion recorded in April 2025, reflecting improved liquidity in the financial system.
Further breakdown of the money supply components showed that currency outside banks declined by 12.2 per cent to N5.08 trillion in April 2026 from N5.7 trillion in the corresponding period of 2025, indicating increased use of banking channels and electronic payment systems.
However, demand deposits (current accounts) increased by 6.3 per cent to N38.7 trillion from N36.4 trillion during the review period.
Also, quasi-money increased by 3.8 per cent to N81.2 trillion in April 2026 from N78.2 trillion in April 2025. Quasi money includes money in savings accounts, time deposits, treasury bills and other money market instruments.
Narrow money, which includes currency in circulation and current accounts, also grew by 7.09 per cent to N43.8 trillion from N40.9 trillion.
This comes as the federal government plans to borrow N29.2 trillion to fund the gap between the revenue of N68.32 trillion and expenditure of N36.87 trillion, according to the Appropriation Act 2026.
By Adedapo Adesanya
The Lagos State government said it has empowered over 1,000 creatives through the Skill Up Lagos initiative to build sustainable livelihoods for the upcoming artists and accelerate economic growth in the state.
The Special Adviser to the Lagos State Governor on Tourism, Arts and Culture, Mr Idris Aregbe, disclosed this while fielding questions from journalists during the 2026 Ministerial Press Briefing in Alausa, noting that over the last 24 months, his office has empowered more than 1,000 creatives through the Skill Up Lagos Initiative, channelled through the Lagos Cultural Mission.
He explained that the programme creates a structured platform for upcoming artists, designers, performers, and cultural entrepreneurs to acquire skills, gain visibility, and build sustainable livelihoods from their creativity.
‘’This is governance with a human face, investing directly in the people who give Lagos its soul,” Mr Aregbe said.
He said the Cook Lagos, Eat Lagos, a landmark gastronomy initiative, conceived and driven by his office, has helped to redefine how the world experiences Lagos through food.
Mr Aregbe added that, “The Lagos Cultural Mission is the overarching framework through which the Office of the Special Adviser drives cultural diplomacy, arts development, and creative economy programming.
“From international partnerships to domestic cultural celebrations, from art tours to diplomatic engagements, every programme feeds into the singular mission of establishing Lagos as Africa’s cultural capital.
“This initiative places Lagos cuisine on the global tourism map, celebrating local culinary traditions while creating economic opportunities for food vendors, chefs, agro-entrepreneurs, and hospitality businesses.
“Structured across three integrated pillars: Cook Lagos, Eat Lagos, and Grow Lagos. The initiative drives culinary education, food tourism, and agricultural enterprise simultaneously.’’
The Special Adviser said in the year under review, the ancient and beloved Kayo-Kayo Festival of Epe returned in full colour in July 2025, drawing over 1,000 participants in celebration of the community’s cultural heritage, ancestral pride, religious identity, and communal unity.
“The festival stands as one of Lagos’s most authentic cultural expressions, a symbol of resilience and harmony that has endured across generations.
“The Office of the Special Adviser brought fresh energy to the occasion by mobilising travel enthusiasts and tourism influencers to shine a spotlight on Oja Chief, the historic fish market at the heart of the festival.
“In a remarkable community-centred intervention, the office coordinated free fish delivery to the doorsteps of customers, directly boosting the commercial earnings of the women traders at the market and demonstrating the ministry’s commitment to inclusive tourism that uplifts livelihoods.’’
He mentioned that the Beauty in Motherland programme brought a celebration of Africa’s beauty industry at its most ambitious state.
According to him, the Beauty in Motherland positioned the African beauty sector on the global map, drawing over 500 vendors and beauty professionals to an electrifying B2B session that generated real commercial connections and industry momentum.
“The Office of the Special Adviser also proudly supported the extraordinary three-day Beauty Festival and Guinness World Record attempt by Natacha Akide, who achieved the remarkable feat of completing 82 makeovers in 8 hours and 143 makeovers in 24 hours. This was Lagos at its most boundary-breaking.
“The office also threw its weight behind the Adekunle Gold Fuji Album Launch, a cultural moment that bridged contemporary Afrobeats with the classical roots of Fuji music, celebrating the richness of Lagos’s musical heritage.’’
He said in March 2026, the ministry, through the Office of the Special Adviser, celebrated 19 remarkable women who have shaped the arts and cultural landscape of Lagos.
“Each recipient received a formal commendation letter acknowledging their trailblazing contributions to the creative space. This gesture was not ceremonial; it was a deliberate act of governance that uplifts the women who form the backbone of Lagos’s cultural identity,’’ he said.
Mr Aregbe added that one of the most defining features of this office’s approach is its conviction that culture and commerce are not competing forces.
He said under his watch as the special adviser, the ministry built a series of powerful public-private partnerships that use the energy of Lagos culture to drive real economic outcomes for traders, entrepreneurs, and small businesses.
By Adedapo Adesanya
A Federal High Court sitting in Abuja and presided over by Justice Joyce Abdulmalik on Tuesday, May 26, 2026, slated July 6, 2026, for judgment in the final forfeiture of 57 properties linked to former Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami.
The case was brought before the court by the Economic and Financial Crimes Commission (EFCC).
At Tuesday’s proceedings, EFCC counsel, Mr Jubrin Okutepa (SAN), informed the court that the matter of the day was for the hearing of final forfeiture of the properties and other pending applications.
Reacting, defence counsel, Mr Adedayo Adedeji (SAN) drew the attention of the court to 16 Motions on Notice seeking to set aside the interim forfeiture order of the properties by the court delivered on January 6, 2026.
The EFCC opposed the motions with counter-affidavits, urging the court to discountenance the request of the defendant. Some of the defendant’s applications sought an extension of time to show cause why properties listed in the schedule should not be forfeited to the government.
Arguing the applications, Mr Adedeji submitted that, “My lord, we filed an application, dated 21st of April 2026, for extension of time and a counter affidavit to oppose to the applicant’s motion for final forfeiture which was deposed to by Abubakar Malami urging the honorable court to refuse and dismiss the order of final forfeiture as they are not proceeds of crimes but an allegation that is relied on suspicion”
In his response, Mr Okutepa said his client also filed a 77-paragraph affidavit deposed to by Mr Adebayo Daniels, an EFCC operative, which was filed on May 5, 2026, attached with eight exhibits and a written address, in addition to a reply on points of law.
“We rely on all these processes in urging my lord to hold that their application has woefully failed to show cause, and we ask your lordship to grant the request as prayed and forfeit the properties to the Federal Government”.
He further prayed the court to discountenance the request of other respondents opposing the forfeiture applications.
Justice Abdulmalik adjourned the matter to July 6, 2026, for judgment.
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