The Russian Federation has reaffirmed its commitment to supporting the Nigerian business community in strengthening trade ties with Russian companies, with the goal of significantly increasing trade volumes between both countries. This pledge was made by the Russian Ambassador to Nigeria, Andrey Podelyshev, during a media briefing held in Abuja, as the embassy prepares to celebrate Russia Day on June 12.
Ambassador Podelyshev explained that while June 12 marks Russia Day, it also presents an opportunity for the Russian Embassy in Nigeria to promote awareness of Russia’s economic potential and foster mutually beneficial partnerships. He emphasized the readiness of both the Russian Embassy and its trade representative office to assist Nigerian businesses in establishing effective connections with Russian firms, particularly in sectors where Russia holds significant expertise.
Highlighting the priority areas, Podelyshev pointed to the economic and technological sectors as strategic fields where Russian experience and resources could offer considerable benefits to Nigeria and the wider African continent. These areas, he noted, represent only a fraction of Russia’s global market competencies.
The ambassador described Russia’s economy as one characterized by dynamic growth. By the end of 2024, the country’s nominal GDP had surpassed 201 trillion rubles, equivalent to approximately $2.5 trillion. Measured by purchasing power parity, Russia’s GDP approached $7 trillion. The country’s foreign trade turnover in 2024 stood at an estimated $717 billion, with exports accounting for $434 billion. Russia also recorded a positive trade balance exceeding $150 billion.
Podelyshev noted a significant shift in the country’s approach to international trade, highlighting that the use of national currencies in foreign transactions had increased markedly. In 2024, 65 percent of Russia’s trade settlements, particularly with BRICS member states, were conducted in national currencies rather than the US dollar. As of April 1, 2025, Russia’s external debt stood at $312 billion, amounting to just 14 percent of its GDP, reflecting a strong fiscal position.
Underscoring the sectors propelling the Russian economy, the ambassador mentioned space exploration, aircraft and automobile manufacturing, the electric power industry, nuclear energy, oil and gas production, and agriculture. He described Russia as a pioneer in space exploration, with the sector comprising nearly 100 enterprises and employing over 250,000 people. Despite global geopolitical tensions, Russia has maintained strong ties in space collaboration with major partners including NASA and the European Space Agency.
In 2024, Russia commenced large-scale work on the construction of a new national orbital station to succeed the International Space Station (ISS). The project is expected to be completed in phases, with full construction anticipated by 2032.
Ambassador Podelyshev also identified other areas of strategic importance for Nigeria-Russia cooperation, including agricultural machinery, artificial intelligence, and information technology. He noted that Nigeria’s formal acceptance to join the BRICS bloc of developing economies in January 2025 as a partner country further solidifies its standing in global economic cooperation frameworks.
As the world’s largest country spanning two continents and 11 time zones, Russia brings to bear a diverse cultural mosaic and significant industrial and scientific capabilities. The ambassador concluded that Russia remains eager to collaborate with Nigeria in areas of mutual interest to enhance economic growth and technological development on both sides.
