World
A Window Opens in Business Ties Between Russia, Nigeria
By Kester Kenn Klomegah
As part of efforts to connect Russia with Nigeria and to lure potential Russian investors and business people to Nigeria and vice versa, a business lecture platform Doing Business with Nigeria has been created in November.
Its primary aim is to get the Russian business community to understand the economic and investment potentials as well as the current market conditions in Nigeria.
In a brief interview, Dr Rex Essenowo, Chairman of the Russian Chapter of Nigerians in Diaspora Organization in Europe (NIDOE) and a member of the Board of Trustees, talks about the first business lecture held late November and the future perspectives of overall Nigeria-Russian economic cooperation to IDN’s Kester Kenn Klomegah. Here are the interview excerpts:
As an insider, do you consider the business lecture on Russia and Nigeria important?
First and foremost, the lecture was a critical action and a call to active duty for Russian companies that participated in the event, as it gave the inside-out of both the political economy of the Nigerian state, as well as presentation of complex market research that is very strategic for potential investors and business people from Russia.
On the other hand, we plan to systematize as an online auditorium based in furtherance of developing bilateral economic relationship between the two countries. We strongly believe that our economic diplomacy and partnerships could be raised to appreciably new levels and it is cost-effective for us.
Obviously, there has been poor or inadequate information on the vast investment opportunities in both great countries and it is something we have to correct now using new forms of technology. The first lecture vividly showed evidence that this is really one instrument to promote ties and to strengthen the multifaceted partnership between the two regions.
What were the popular sentiments among the speakers about developing business ties between the two countries?
The popular sentiments among the speakers were the difficulties in facing the big players on the ground, I mean, traditional western investors, growing interest of Asian tigers in Africa, China’s saturated model of doing business in Africa and the need for Russian companies to explore the long-term and sustainable friendship by creating a mutual beneficial partnership. Fair enough, the spotlight was on corruption and security as well as how to manage the risk.
Concretely, what business and investment directions were highlighted during the discussion? Do you feel the speakers understand the current competitive business cum investment environment in Nigeria?
The critical focus was on agriculture, energy, oil and gas, telecommunications, healthcare, transport, financing, marine exploration, aerospace and some other areas where Russian technology can have a comparative advantage. The presenters made analysis and good points intended to deepen understanding of the market structure. There are other salient issues including legal framework and how Russian investors should adapt to new conditions and realities on the ground. As the first lecture of its kind, it is a work in progress. We have consistently, if not aggressively, to [re]shape a few things through online business lectures and programmes.
What would you say in terms of comments as these spheres have been on the table over the years?
With COVID-19 devastating the global economy, sanctions from the West and internal meltdown of business activities in Russia, the search for new markets and investment opportunities to boost trade between Russia and Africa; it is clear that Nigeria provides the best combination of essential components for a big-time and long-term trade relations.
Understandably, Nigeria is not a traditional market for Russian producers and investors, but it opens a wide window and the door to the real African market, beginning with a formidable Economic Community of West African States (ECOWAS) regional market, which I pointed out several years back.
By the way, how would you assess the current level of engagement in Russia with Nigeria, or Russia is still dating Nigeria?
Nigeria is an economic powerhouse in the West African region. As it is widely known, Nigeria is one of Africa’s fastest-growing economies and it boosts the largest population. Nigeria 2020 population estimated at 206 million people this mid-year, according to United Nations data. Nigeria’s population is equivalent to 2.6% of the total world population.
The current level of engagement between Russia and Nigeria is still very low, considering the combined size of the population and huge consumer market potentials of both countries, but there is more room for improvement, which I personally mentioned during the discussion. The market requires all kinds of consumer products and services.
Furthermore, Russia has expressed deep interest in Nigeria, highly pledging to build nuclear power plants, petroleum pipelines, railways and infrastructure. They keep going forth and back during these several years. Unfortunately, these corporate plans have not been realized, either Russia sees the instability or neo-colonialism as factors impeding its investment there. Then there is also the question of project financing and legal aspects that have to be mutually resolved.
As Chairman of the Russian Chapter of Nigerians in Diaspora Organization in Europe (NIDOE), an NGO established to facilitate some of these between Europe and Nigeria, what are your suggestions and about future perspectives?
As Chairman of the Russian Chapter of Nigerians in Diaspora Organization in Europe (NIDOE), and a member of the Board of Trustees, I have no doubt that engaging the Diaspora creates stronger bridges to facilitate and improve trade relations. Considering that every country has its own challenges, we must not forget the social aspects of collaboration, in which the government, regional and local communities play very important roles.
Finally, the success of every investment or project speaks volume. As we push forward with the government to create enabling environments for the free flow of FDI, we in NIDOE are well-positioned and backed up with relevant agencies, like the Embassies, Nigerian Diaspora Commission (NIDCOM), Nigeria Investment Promotion Commission (NIPC) and so forth for the win-win cooperation; while in Russia, our strategic partners like the Russia-Nigerian Business Council, Business Russia and the Institute of African Studies are also pushing harder to the core to bring more business executives on board. We are already talking about a Russian Trading House, Show Room & Pavilion in Nigeria.
Our part is to ensure sustainability by making partnerships more reliable, workable and long-termed. We still have skyline hope and optimism for building back better relations between the two countries, and most importantly within the context of the Declaration “On the Principles of Friendly Relations and Partnership between the Russian Federation and the Federal Republic of Nigeria” signed as far back in 2001, and the multilateral cooperation that was signed between Russia and Nigeria by both leaders at the first Russia-Africa Summit held in Sochi.
World
Russia Expands Military-Technical Cooperation With African Partners
By Kestér Kenn Klomegâh
Despite geopolitical complexities, tensions and pressure, Russia’s military arms and weaponry sales earned approximately $15 billion at the closure of 2025, according to Kremlin report. At the regular session, chaired by Russian President Vladimir Putin on Jan. 30, the Commission on Military and Technical Cooperation with Foreign Countries analyzed the results of its work for 2025, and defined plans for the future.
It was noted that the system of military-technical cooperation continued to operate in difficult conditions, and with increased pressure from the Western countries to block business relations with Russia. The meeting, however, admitted that export contracts have generally performed sustainably. Russian military products were exported to more than 30 countries last year, and the amount of foreign exchange exceeded $15 billion.
Such results provide an additional opportunity to direct funds to the modernization of OPC enterprises, to the expansion of their production capacities, and to advanced research. It is also important that at these enterprises a significant volume of products is civilian products.
The Russian system of military-technical cooperation has not only demonstrated effectiveness and high resilience, but has created fundamental structures, which allow to significantly expand the “geography” of supplies of products of military purpose and, thus strengthen the position of Russia’s leader and employer advanced weapons systems – proven, tested in real combat conditions.
Thanks to the employees of the Federal Service for Military Technical Cooperation and Rosoboronexport, the staff of OPC enterprises for their good faith. Within the framework of the new federal project “Development of military-technical cooperation of Russia with foreign countries” for the period 2026-2028, additional measures of support are introduced. Further effective use of existing financial and other support mechanisms and instruments is extremely important because the volumes of military exports in accordance with the 2026 plan.
Special attention would be paid to the expansion of military-technological cooperation and partnerships, with 14 states already implementing or in development more than 340 such projects.
Future plans will allow to improve the characteristics of existing weapons and equipment and to develop new promising models, including those in demand on global markets, among other issues – the development of strategic areas of military-technical cooperation, and above all, with partners on the CIS and the CSTO. This is one of the priority tasks to strengthen both bilateral and multilateral relations, ensuring stability and security in Eurasia.
From January 2026, Russia chairs the CSTO, and this requires working systematically with partners, including comprehensive approaches to expanding military-technical relations. New prospects open up for deepening military-technical cooperation and with countries in other regions, including with states on the African continent. Russia has been historically strong and trusting relationships with African countries. In different years even the USSR, and then Russia supplied African countries with a significant amount of weapons and military equipment, trained specialists on their production, operation, repair, as well as military personnel.
Today, despite pressure from the West, African partners express readiness to expand relations with Russia in the military and military-technical fields. It is not only about increasing supplies of Russian military exports, but also about the purchase of other weapons, other materials and products. Russia has undertaken comprehensive maintenance of previously delivered equipment, organization of licensed production of Russian military products and some other important issues. In general, African countries are sufficient for consideration today.
World
Trump Picks Kevin Warsh to Succeed Jerome Powell as Federal Reserve Chair
By Adedapo Adesanya
President Donald Trump has named Mr Kevin Warsh as the successor to Mr Jerome Powell as the Federal Reserve chair, ending a prolonged odyssey that has seen unprecedented turmoil around the central bank.
The decision culminates a process that officially began last summer but started much earlier than that, with President Trump launching a criticism against the Powell-led US central bank almost since he took the job in 2018.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Mr Trump said in a Truth Social post announcing the selection.
US analysts noted that the 55-year old appear not to ripple market because of his previous experience at the apex bank as Governor, with others saying he wouldn’t always do the bidding of the American president.
If approved by the US Senate, Mr Warsh will take over the position in May, when Mr Powell’s term expires.
Despite having argued for reductions recently, “Warsh has a long hawkish history that markets have not forgotten,” one analyst told Bloomberg.
President Trump has castigated Mr Powell for not lowering interest rates more quickly. His administration also launched a criminal investigation of Powell and the Federal Reserve earlier this month, which led Mr Powell to issue an extraordinary rebuke of President Trump’s efforts to politicize the independent central bank.
World
BRICS Agenda, United States Global Dominance and Africa’s Development Priorities
By Kestér Kenn Klomegâh
Donald Trump has been leading the United States as its president since January 2025. Washington’s priority is to Make America Great Again (MAGA). Trump’s tariffs have rippled many economies from Latin America through Asian region to the continent of Africa. Trump’s Davos speech has explicitly revealed building a ‘new world order’ based on dominance rather than trust. He has also initiated whirlwind steps to annex Greenland, while further created the Board of Peace, aimed at helping end the two-year war between Israel and Hamas in Gaza and to oversee reconstruction. Trump is handling the three-year old Russia-Ukraine crisis, and other deep-seated religious and ethnic conflicts in Africa.
These emerging trends, at least in a considerable short term, are influencing BRICS which has increased its geopolitical importance, and focusing on uniting the countries in the Global East and Global South. From historical records, BRICS, described as non-western organization, and is loosing its coherence primarily due to differences in geopolitical interests and multinational alignments, and of course, a number of members face threats from the United States while there are variations of approach to the emerging worldwide perceptions.
In this conversation, deputy director of the Center for African Studies at Moscow’s National Research University High School of Economics (HSE), Vsevolod Sviridov, expresses his opinions focusing on BRICS agenda under India’s presidency, South Africa’s G20 chairmanship in 2024, and genegrally putting Africa’s development priorities within the context of emerging trends. Here are the interview excerpts:
What is the likely impact of Washington’s geopolitics and its foreign policy on BRICS?
From my perspective, the current Venezuela-U.S. confrontation, especially Washington’s tightened leverage over Venezuelan oil revenue flows and the knock-on effects for Chinese interests, will be read inside BRICS as a reminder that sovereign resources can still be constrained by financial chokepoints and sanctions politics. This does not automatically translate into BRICS taking Venezuela’s side, but it does strengthen the bloc’s long-running argument for more resilient South-South trade settlement, diversified energy chains, and financing instruments that reduce exposure to coercive measures, because many African and other developing economies face similar vulnerabilities around commodities, shipping, insurance, and correspondent banking. At the same time, BRICS’ expansion makes consensus harder: several members maintain significant ties with the U.S., so the most likely impact is a technocratic push rather than a loud political campaign.
And highlighting, specifically, the position of BRICS members (South Africa, Ethiopia and Egypt, as well as its partnering African States (Nigeria and Uganda)?
Venezuela crisis urges African members to demand that BRICS deliver usable financial and trade tools. For South Africa, Ethiopia, and Egypt, the Venezuela case is more about the precedent: how quickly external pressure can reshape a country’s fiscal room, debt dynamics, and even investor perceptions when energy revenues and sanctions compliance collide. South Africa will likely argue that BRICS should prioritize investment, industrialization, and trade facilitation. Ethiopia and Egypt, both debt-sensitive and searching for FDI, will be especially attentive to anything that helps de-risk financing, while avoiding steps that could trigger secondary-sanctions anxieties or scare off diversified investors.
Would the latest geopolitical developments ultimately shape the agenda for BRICS 2026 under India’s presidency?
India’s 2026 chairmanship is already framed around “Resilience, Innovation, Cooperation and Sustainability,” and Venezuela’s shock (paired with broader sanction/market-volatility lessons) will likely sharpen the resilience part. From an African perspective, that is an opportunity: South Africa, Ethiopia, and Egypt can press India to translate the theme into deliverables that matter on the ground: food and fertilizer stability, affordable energy access, infrastructure funding. India, in turn, has incentives to keep BRICS focused on economic problem-solving rather than becoming hostage to any single flashpoint. So the Venezuela episode may function as a cautionary case study that accelerates practical cooperation where African members have the most to gain. And I would add: the BRICS agenda will become increasingly Africa-centered simply because Africa’s weight globally is rising, and recent summit discussions have repeatedly highlighted African participation as a core Global South vector. South Africa’s G20 chairmanship last year explicitly framed around putting Africa’s development priorities high on the agenda, further proves this point.
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