Nigeria woos Russian investors, seeks local currency trade settlement at Moscow summit

‎By Boluwaji Obahopo ‎ ‎Nigeria has called for a shift in its relations with Russia from political commitments to practical economic cooperation, urging Russian investors to explore opportunities in the country’s energy, solid minerals, agriculture, manufacturing, pharmaceuticals and digital sectors. ‎ ‎The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call while delivering Nigeria’s statement at the Third Russia-Africa Summit at the Grand Kremlin Palace, where he also advocated stronger trade and financial arrangements, including independent local currency settlement mechanisms between both countries. ‎ ‎Enikanolaiye, who led Nigeria’s delegation to the summit, said the future of Africa- Russia relations must be measured by tangible economic outcomes, stressing the need to translate longstanding diplomatic ties into investments, technology transfer and development partnerships. ‎ ‎He said Nigeria was particularly interested in strengthening cross-border payment arrangements with Russia through mutually agreed systems, alongside improved banking channels and financial infrastructure to facilitate trade and investment. ‎ ‎The minister, who conveyed President Bola Ahmed Tinubu’s greetings to Russian President Vladimir Putin and the African Union Chairman, President Evariste Ndayishimiye of Burundi, said the private sector must play a greater role in driving the partnership. ‎ ‎He urged Russia to collaborate with African countries on commercially viable infrastructure projects covering railways, ports, energy, telecommunications, transport and logistics, noting that such investments would strengthen regional connectivity and support the objectives of the African Continental Free Trade Area (AfCFTA). ‎ ‎On the digital economy, Enikanolaiye warned against Africa becoming merely a consumer of imported technology, calling for expanded cooperation in artificial intelligence, cybersecurity, software development, digital infrastructure and joint research. ‎ ‎He said such partnerships should prioritise technology transfer, capacity building and the development of indigenous technological capabilities across the continent. ‎ ‎The minister also identified agriculture and food security as critical areas for cooperation, urging Russia to support African countries in expanding domestic food production, fertiliser availability, irrigation, mechanisation, agricultural research, storage and agro-processing. ‎ ‎According to him, recent disruptions to global supply chains have exposed the vulnerability of food systems, making it imperative for African countries to strengthen domestic production and retain more value from their agricultural resources. ‎ ‎On security, Enikanolaiye reaffirmed Nigeria’s commitment to peace and stability in Africa, identifying terrorism, violent extremism, transnational organised crime, arms trafficking, piracy and cybercrime as threats requiring coordinated regional and international responses. ‎ ‎He, however, stressed that such partnerships must be anchored on African ownership and African-led solutions, with external cooperation strengthening existing regional mechanisms, including the African Union and ECOWAS. ‎ ‎The minister further reiterated Nigeria’s commitment to sovereign equality, territorial integrity, non-interference and the peaceful settlement of disputes, while calling for reforms of the United Nations Security Council and international financial architecture to guarantee Africa’s rightful representation. ‎ ‎On the outcome of the summit, Enikanolaiye said Nigeria supported the adoption of a focused Africa-Russia Action Plan for 2027–2029, with clear priorities, financing arrangements and monitoring mechanisms to ensure that agreements translated into measurable results. ‎ ‎He specifically invited Russian businesses to take advantage of Nigeria’s position as Africa’s largest market and a strategic gateway to West Africa and the AfCFTA, highlighting opportunities in energy, including renewable and nuclear technology, solid minerals, agriculture, manufacturing, pharmaceuticals, defence and digital services. ‎ ‎The minister also said the summit had reinforced the longstanding friendly relations between Nigeria and Russia, recalling Moscow’s historic support for Nigeria’s unity, sovereignty and territorial integrity dating back to the Soviet era. ‎ ‎Speaking at the plenary session, Putin described Russia and Africa as natural allies in building a just multipolar world order, reaffirming his country’s commitment to sovereign equality, expanded diplomatic engagement, security cooperation and greater African representation in global institutions. ‎ ‎Similarly, Ndayishimiye stressed that Africa would not exchange one form of subordination for another, insisting that the continent’s international partnerships must respect its independence and development priorities. ‎ ‎He said the 2027–2029 Action Plan would provide an opportunity to address infrastructure defic