Nigeria’s trade relations with Russia lopsided — Envoy

// News | General | Nigeria’s trade relations with Russia lopsided — Envoy
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

Nigeria’s Ambassador to Russia, Amb. Assam Assam, says the Nigerian mission is worried about the lopsided trade relations with Russia.

Assam, who made the observation in an interview with the News Agency of Nigeria in Eket, noted that economic relations between Nigeria and Russia favoured the Russians.

He said the Nigerian mission had commenced moves to address the trade imbalance and was wooing Russian Chambers of Commerce with investment opportunities in the oil and gas industry within the Niger Delta.

“The trade with Russia is totally lopsided. In the current year, the Russians exported about $350m (about N56bn) worth of goods to Nigeria, and Nigeria exported nothing.

“That is precisely why I am working to ensure that the imbalance is corrected, I am meeting with the chambers of commerce of the Russian Federation and of Moscow.

“I am meeting with Russian banks and investment houses and I am also meeting with major players in the oil industry.

“In the hope that we will be able to attract some of them to come in to do direct foreign investment in Nigeria which, we think in the long run, will redress that lopsidedness.”

Assam explained that the mission was working on developing markets for non-oil exports to boost trade with Russia.

The envoy also commented on the development of abundant gas reserves in Akwa Ibom.

He said the country had an existing Memorandum of Understanding with Gazprom, a Russian gas firm, which would be implemented.

Assam said that the MOU provided a framework for meaningful economic relations that would be mutually beneficial to both countries as well as strengthen bilateral relations between them.

According to the diplomat, the Russian expertise in gas will be deployed to develop the sector in Akwa Ibom and boost export to Russia.

He said that two Russian firms had already been invited to join in the oil and gas exploration activities in Akwa Ibom and would soon commence operations.

Tagged : No tags for this article

Headlines Newsview all

Buhari Ordered Arrest Of Wife’s Younger Brother Over Extortion

According to Sahara Reporters, President Buhari has ordered for the arrest of his brother-in-law for allegedly extorting money from an unnamed businessman. One of Buhari’s close ... Full story

Community Drags Enugu Police To Court Over Murdered Kinsman’s Corpse

Members of the Nnaji family of Umuanekeode community in Ibagwa-Nike area of Enugu State on Friday ‘buried’ their kinsman, late Nnabuike Nnaji, without committing his ... Full story

Woman, Grandchild Killed During Lagos Cult Clash

One-year-old Opeyemi Yusuf was licking a lollipop, comfortably straddled to her grandma’s back en route to the market, when a bullet pierced through the back ... Full story

David Sweat Shot And Captured Alive

After a massive, more-than-three-week manhunt for David Sweat, the escaped murderer is back where he started -- in custody. Authorities said a New York State Police ... Full story

Fans Mi Davido In NDLEA Trouble

Multiple award winner and international act, Davido, is in trouble with the National Drug Law Enforcement Agency over his new song/ video titled ‘Fans mi.’ ... Full story

Decomposed Corpse Of Albert Ilemobade Found In His Store

The decomposed body of the former Vice Chancellor of the Federal University of Technology, Akure (FUTA), Prof. Albert Ilemobade, who was said to have been ... Full story

Patience Jonathan’s Ex Security Aide Tamuno Jacob Igbomie, Murdered

A Deputy Superintendent of Police, Tamuno Jacob Igbomie, who was Principal Security Officer to the wife of the former President, Patience Jonathan, has been shot ... Full story

Kanye West Fan Flies Kim Kardashian Sex Tape Flag

It was the show that divided an audience but Kanye West had a little surprise in store when he performed his headline set at Glastonbury ... Full story

Wife Poisons Husband Over Lover In Lagos

A Beninoise, Kwenume Ojo, aka Abiodun, has been arrested by men of the Lagos State Police Command for allegedly killing her husband, Jimoh Ojo, 32, ... Full story

Sahara Reporters Claim Bukola Saraki Is Not Even A Nigerian Citizen

Controversial publication Sahara Reporters, took to Facebook on Sunday to declare that Senate President, Bukola Saraki is not a Nigerian. The publication also accuses him ...

Comment on: Nigeria’s trade relations with Russia lopsided — Envoy

Rate this article

3.00

Breaking News

Ondo, Korean Firm To Build 550MW Power Plant

The Ondo State Government and a Korean firm, Kingline Development Limited, have concluded plans to boost industrialisation in the state with the construction of a ... Full story

Roma Want Raheem Lawal

Roma are interested in Eskişehirspor midfielder Raheem Lawal, according to technical director Bahadır Ünalan. Ünalan also denied interest from Turkish league champions Galatasaray, who have also ... Full story

Justin Gatlin Clocks 5th Fastest Time Ever Over 200m

Justin Gatlin ran the fifth fastest 200m time in history at the United States Athletics trials in Eugene, Oregon on Sunday. Gatlin bursted down the lane ... Full story

Ubi Franklin: Fame Is The Most Dangerous Drug In The World

Triple MG co-owner, Ubi Franklin, may have made a name for himself in the Nigerian music industry though not as a singer, but as a ...

I Once Hawked In Maza Maza Traffic - K-Peace

Winning in the Nigerian Idol musical talents show is such that required great and talented skills to outsmart competitors from all state of the federation. For ...

Drug Abuse: Nigerians Are Copying The White People - Grace Ama

Nollywood actress, Grace Ama, has joined voices with the United Nations to call on families to be mindful of their youths at home on the ...

Emmanuel Adebayor's Mother, Brother Beg For Forgiveness

After the lingering family crises,Emmanuel Adebayor’s mother Alice and younger brother, Rotimi have apologised to the Tottenham Hotspur’s star following the visit of the delegation ...

Nigerian Celebrities With The Most Expensive Mansions

Given their fame and success in their respective fields, these celebrities have managed to create a majestic place for them to live. Scroll Down for The ...

My Marriage Never Lasted For 2 Years - Alex Okoroji

Nollywood actress, Alex Okoroji, who was once married to Omar Captan, Ghanaian actor, has stated that her marriage did not last up to two years ...

Why I Have Been Wearing Same Shoe For Months - John Dumelo

How many people can boastfully appreciate a product made in their country like proud Ghanaian actor, John Dumelo, who is so in love with his ...