World
Russia Chasing Missed Opportunities in Nigeria
By Kester Kenn Klomegah
Under the aegis of the newly established Nigeria-Russia Chamber of Commerce and Industry, Russians are now gearing up to revamp the Ajaokuta Steel Industry that was abandoned after the collapse of the Soviet Union, and further take up energy, oil and gas projects in Nigeria, as well as facilitate trade between Nigeria and Russia.
After the Soviet’s collapse, Russia has been struggling to find ways of regaining part of its Soviet-era economic influence throughout Africa, and Nigeria has been high on Russia’s agenda for reviving multifaceted business ties, at least to share its market and take up opportunities similar to the United States and China.
There had been a number of deals and business proposals previously, featured in Russia-Nigerian relations. As far back in June 2009, Dmitry Medvedev as the president visited Nigeria for the first time, held talks on possible nuclear energy, oil exploration and military cooperation.
According to Russia’s Rosatom, the protocol on nuclear offered the possibility of bilateral cooperation for the development of nuclear infrastructure and the joint exploration and exploitation of uranium deposits. The aim, two nuclear plants estimated to cost $20 billion, the bulk of it by Russia, is to boost Nigeria’s electricity supply.
Russia’s second-largest oil company, and privately controlled Lukoil, has gone forth and back these several years with plans to expand its operations in Nigeria, and in a number of West African countries.
Nigeria is an economic powerhouse in the West African region. As it is known, Nigeria is one of Africa’s fastest-growing economies and it boasts the largest population. Russia and Nigeria have some sort of economic relations, but these are not consistent with the long-standing cordial relations between both countries.
In addition, 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. This is, usually attributed to the apparent inadequate knowledge of the many investment opportunities in both countries.
Statistics are extremely hard to obtain. By the end of 2018, Russia’s trade with Nigeria was almost US$600 million, still seen as far below the full potential of trade and economic cooperation between the two countries.
Stunningly, talking about bilateral economic footprints, both Russians and Nigerians are unprepared to give needed useful information about Russia’s investment in Nigeria. Seen as a two-way street, Nigeria’s presence in Russia is only the diplomatic representative office.
New windows, in practice, are still opening especially with the start of the African Continental Free Trade Area (AfCFTA), the most ambitious integration initiative embedded in the Agenda 2063 of the African Union. It stresses industrial hubs, localizing manufacturing and marketing goods and services throughout Africa.
Nigeria-Russia Chamber of Commerce and Industry, established and inaugurated in late September 2021, now has as its primary task to raise bilateral economic relations between the two countries. It will help implement some of the significant issues that were discussed during the historic first Russia-Africa summit held in October 2019 in Sochi, Russia.
President, Nigeria-Russia Chamber of Commerce and Industry, Dr Obiora Okonkwo told the visiting Russian delegation headed by Ambassador Oleg Ozerov, of the Ministry of Foreign Affairs of the Russian Federation and Head of the Secretariat of Russia-Africa Partnership Forum (RAPF), that establishment of the NRCCI was the first step towards resuscitating and strengthening existing relations between Nigeria and Russia.
He said the inauguration of the chamber shows the beginning of a new journey that will enable “Nigeria explore business relations with the Russian Federation, and will promote economic growth, technology transfer, development and foster better understanding between both countries.”
Reports indicated that the Nigeria-Russia Chamber of Commerce and Industry (NRCCI) was created and incorporated under the Companies and Allied Matters Act 1990, and has established beneficial relationships and contacts with numerous economic development organizations in the Russian Federation.
The principal objectives of NRCCI are to promote commerce, industry, trade and ancillary services; foster, advance and protect commercial, industrial, trade and professional enterprises.
“We are therefore seeking to establish an industrial development mechanism built on the principle of mutually beneficial relationships with their own business groups. The strategy is to establish and sustain business contacts with the existing numerous economic development organizations in Russia and Nigeria,” explained Okonkwo.
The Russian business delegation included Andrei Albeshchenko from the Association of Economic Cooperation with African States; Andrei Vladimirov, State Atomic Energy Corporation Overseas; Stepan Belanovich, Uralchem United Chemical Company JSC; Maksim Poltoradnev, Uralchem United Chemical Company JSC and other Russian business executives.
The business visit to Abuja was organized by AECAS with support from the Russian Foreign Ministry, assistance from the Russian Embassy in the Federal Republic of Nigeria. Ozerov and his delegation paid a courtesy call on Vice President Yemi Osinbajo at the Presidential Villa.
According to reports, Vice President Osinbajo has expressed keen interest in developing bilateral cooperation and the need to increase the presence of Russian companies in Nigeria. Vice President Osinbajo stressed the fact that the formal inauguration of a Nigeria-Russia Chamber of Commerce and Industry (NRCCI) will consolidate efforts to deepen the long-lasting relationship and invigorate business opportunities between the Federal Republic of Nigeria and the Russian Federation.
“We are interested in developing relations with Nigeria. It is one of the largest and most promising economies where we see a lot of opportunities. We were happy to hear that the Vice President supports the development of bilateral economic relations.
“Russia has a lot to offer, from new technologies to fertilizers, agriculture, energy and infrastructure projects. We must intensify cooperation to achieve tangible results prior to the second Russia-Africa summit,” Ozerov, Head of the Secretariat of the Russia-Africa Partnership Forum, told journalists during the press conference following the meeting.
Within the framework of the joint declaration adopted at the first Russia-Africa Summit, the Ministry of Foreign Affairs of the Russian Federation established the Secretariat of the Russia-Africa Partnership Forum. The Secretariat of the Russia-Africa Partnership Forum also moved to create AECAS.
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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