ACCI calls for stronger Economic ties between Nigeria and Russia

Abuja Chamber of Commerce and Industry (ACCI), has called for deepened economic ties between Russia and Nigeria.

The Director General of ACCI, Victoria Akai who made this known Thursday at a business conference organised by Moscow Chamber of Commerce and Industry and NIDO Russia today said, an established Economic and Scientific Technical cooperation between Nigeria and Russia makes for an excellent opportunity to deepen economic ties by upscaling economic activities between both countries for mutually beneficial relations.

She urged the Russian investors to take advantage of the opportunities of attendant impact on the global economy that has opened new frontiers for investment in e-commerce, e-learning e-medicine; logistics and shipping, pharmaceuticals, housing and agriculture as a result of the outbreak of the Covid-19 to trade in Nigeria and establish worldwide, partnerships with local entrepreneurs as a sure way for them to commence and adapt to new conditions and realities.

While she was enumerating Nigeria’s economic prospects and potentials within the West African region and in Africa, she assured the investors of the chamber’s sustained efforts in advocating and collaborating with government at all levels in developing friendly policies and initiatives that will foster ease of doing business and create an enabling environment for investors both locally and internationally.

In her presentation titled, “Discovering the African Market: Nigeria as a Gateway to Africa, Prospect of the Nigerian Market for Russian business”, she was hopeful that the outcomes of the deliberations would be concretised by all stakeholders with implementable actions.

“Permit me to use this opportunity to invite Russian Companies who are into the Halal, Agric and food packaging sectors to take a stand at the Halal Expo Nigeria holding from 14th to 16th September, 2021, in Abuja.”

The DG also stated the areas of business opportunities to includes; ICT and telecommunications, Agric and Agro allied sector, Solid minerals, Security, Energy, oil and gas, Healthcare, Transport Marine exploration, Aerospace.

“These are opportunities to boost bilateral business cooperation across sectors; Take Housing and Construction for instance: Nigeria currently has a housing deficit of over 17 Million homes, with the current and projected annual population growth rate of 2.6%, there will be a housing deficit by 2050 unless we increase investment in housing and real estate. This presents a huge opportunity for Russian investors.

“The Rail and Transport system is a viable sector to consider particularly in this period when Africa is in dire need of transport connectivity to facilitate movement under the Africa Continental Free Trade Area Agreement. improving Nigeria’ rail and transport system will go a long way to enhancing movement of persons and goods within Nigeria and between Nigeria and its neighbouring countries.”


She further said since Nigeria already serves as a hub that feeds other West African markets with products such as Building and Construction materials, Electronics, Autoparts, Clothing and Textile, Machinery tools and hardware amongst other products, Russian companies may consider establishing manufacturing companies in Nigeria to serve the West African market.




Olayemi John-Mensah

ACCI, Media/Strategy Officer