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

Return N13.4b Taken Illegally - APC Tells Muazu Babangida Aliyu

The All Progressives Congress in Niger State on Sunday said it will only consider the apology by the state Governor, Dr. Muazu Babangida Aliyu, as ... Full story

Couple Stabs 10 Year Old In The Private Part

A 10-year-old girl, Chidinma, has been admitted at an undisclosed hospital after a couple – Eucheria Chukwuma and Jerry Oko-Oboh – allegedly beat her up ... Full story

Emma Nyra Opens Up On All Dating Rumours Video

Several rumours have been sprouting all around the internet about female artist, Emma Nyra and she is definitely not okay with them. So in her ... Full story

Exposed: Oritsefemi’s Instagram Account Hacked

Oritsefemi might be a victim of social media hacking after a certain ‘someone’ gained access into his Instagram account and leaked his DMs in the ... Full story

Xenophobic Attack: Brutal Death Of Emmanuel Sithole In South Africa

A shocking report by Timeslive.co.za depicting the evils of the xenophobic attacks currently going on in South Africa, where locals are killing Africans staying in ... Full story

Xenophobia: Zimbabwean Woman Beheaded

A Zimbabwean woman, Mrs Naume Garusa (41) featured image above, has become the latest victim of horrific xenophobic attacks after her body was found with ... Full story

Ishawo Traditional Ruler's Son Arrested For Armed Robbery

The police in Lagos have apprehended a gang of armed robbers that specialises in snatching motorcycles and money from riders at gunpoint. According to the police, ... Full story

Shocking: Teenager Delivers Baby Boy After Having S3x With Snake

IT sounds unbelievable, but from the account of 19-year-old Kehinde Adegoke, it really happened. The teenager who is an indigene of Ogbomoso in Oyo State, ... Full story

South African Woman Gives Reasons For Killing Foreigners, Especially Nigerians

An elderly woman from ‪South Africa explains why they want the foreigners especially NIGERIANS out of the area...WATCH THE SHOCKING VIDEO ...

President Jonathan orders ₦2 Trillion election funds refunded

Following the defeat suffered by President Goodluck Jonathan and his party, the Peoples Democratic Party, during the March 28 and April 11 elections, the President ...

I Nearly Died With Clem Onyeka - Nzube Onyia

Actress, Nzube Onyia, is one hell of a lucky gal! She was riding with late actor, Clem Onyeka, that fateful day last year in Asaba, ... Full story

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

Rate this article

3.00

Featured author

Jude Okafor

Breaking News

South African Rapper AKA, Expecting New Baby From Girlfriend

Now this got me wondering, if it were all planned by African celebrities, on having babies in this same period…..lol!!! well perhaps i guess they ... Full story

Egypt Court Sentences 11 Fans To Death

An Egyptian court has sentenced 11 soccer fans to death in the retrial of over 70 defendants accused in a soccer riot in 2012 that ... Full story

Xenophobic Attacks: Nigerians Loses N21m

Nigerian Consul-General in South Africa, Amb. Uche Ajulu-Okeke, said on Sunday that Nigerians lost more than N21m Rand (1.2m) in the on-going xenophobic attacks in ... Full story

Im Not A Sugar Mama- Gloria Ibru

While some see Gloria Ibru as a controversial musician, others still respect her endearing charisma. She has been in the entertainment industry for over 28 years ...

How Contestant Challenged Dare Art Alade

Imagine the confidence of an aspiring female contestant on a music reality television show to have 'called out' one of the male judges in her ...

Senator Uche Chukwumerije Passes On

Former Information Minister and Senator representing Abia North Senatorial District, Uche Chukwumerije, has passed on. This was disclosed in a statement by his first son, Chidi ...

John Okafor 'Mr. Ibu' Bereaved

Certainly this is not the best of the moments for popular, Nollywood star, John Okafor (aka Mr. Ibu). The reason for his sad mood is not ...

I have a N12m wristwatch — Cynthia Morgan

My name is Cynthia Morgan and I am 23 years old. I am a musician and I was raised by a single mother, Sherifat Morgan ...

I Feel Threatened By MI, Ice Prince- Jesse Jagz

To the utmost surprise of his fans, multi-talented artiste, Jesse Abaga aka Jesse Jagz, returned to his former label, Chocolate City, after a three-year hiatus. Although ...

David-West to Okonjo-Iweala: Buhari doesn’t need your advice

A former Minister of Petroleum, Prof. Tam David-West, has replied the Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, over her ...