New Telegraph

Reinforcing bilateral relations between the Russian Federation and Nigeria

 

The Russia-Nigeria relationship has become stronger in recent years. Against the changing market that has taken place in this last period, Russia has emerged as an interesting partner for Nigeria.

It should be recalled that diplomatic relations between Lagos and Moscow were established in 1960.

After the demise of the Soviet Union, a bilateral treaty was concluded between Nigeria and Russia. Since then, partnerships in education, trade, the purchase of technology, agriculture and armaments have been continually strengthened.

For example, Russia is now supplying quality gasoline to Nigeria. Since March, Western countries started rejecting fuel from Russia, and on 5 February, the EU imposed an embargo on its purchases.

As a result, domestic companies had to divert supplies of petroleum products to “friendly” countries, and one of them was Nigeria. In the new political environment Moscow and Lagos were capable of forging new promising partnerships to the benefits of both countries.

According to estimates of Kpler, in March the leader in gasoline purchases from Russia was Nigeria which received 54.8 thousand barrels a day, i.e. 30% of Russian exports. Domestic companies have been regularly supplying petroleum products to that country since December. According to Kpler petroleum analyst, Nigeria has a high demand for gasoline, while its own fuel production is in short supply.

The Nigerian economy needs new investments, and entrepreneurs on both sides are willing to develop co-operation with Russia, and this will certainly strengthen economic ties between Nigeria and Russia.

Recently, Nigeria has become a new addition to the countries willing to join BRICS, others being countries such as Bangladesh, Indonesia, Turkey, Venezuela, Syria and so on. Regarding the crisis, Nigeria joining BRICS will be an important step; it will help to strengthen the economy and build new diplomatic and bilateral relations with other countries, thus bridging the economic gap which is getting bigger by the day.

Russia can be a major catalyst in developing Nigeria’s economy, taking advantage of the BRICS format; both countries can settle accounts in their national currencies, without the need for other intermediaries, as this would provide a major boost to both economies.

Strengthening the partnership with Russia will undoubtedly help Nigeria to develop dynamically in several areas and sectors of its economy, especially in the areas of power and security.

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