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Monday, 25 May 2015 10:08

New Perspectives for Russia-Nigerian Relations (Updated)

By Kester Kenn Klomegah

NidoRus419MOSCOW, May 25, 2015 (Buziness Africa) — Nigerian diplomatic representatives, African researchers, non-governmental organizations, business people from Russia and Nigerian diaspora, local and foreign media representatives participated a one-day round-table discussions under the theme “Perspectives of the Russian-Nigerian relations in the light of the results of the Nigerian presidential election” that was held at the Institute for African Studies in Moscow.

The event was organized jointly by the Institute for African Studies of the Russian Academy of Sciences and the Nigerian Diaspora Organization (NIDO Russia). NIDO-Russia was established as a forum for Nigerian professionals residing in Russia to participate in the development of Nigeria. It serves as a platform for Nigerians to network on the diaspora. NIDO-Russia is committed to tapping into the knowledge and skills of Nigerians and Russians needed for national development in both countries.

 

The speakers included Profesor Dmitri Bondarenko, Deputy Director at the Institute of African Studies (IAS), Professor Tatiana Denisova, Head of the Tropical Section of the IAS, Mr Evgeny Korendyasov, Head of the Russia-African Relations Section at the IAS, Valeriy Vozdvizhenskiy, Executive Director of the Russia-Nigeria Business Council, Dr Maurice Okoli, Nigerian Researcher at the IAS and Chairman of the People’s Democratic Party (PDP) in the Russian Federation, Mr Rex Essenowo, Chairman of NIDO Russia, Dr Bashir Obasekola, Board Member of NIDO Europe, and representatives from the Embassy of the Federal Republic of Nigeria.

 

Mr. Rex Essenowo, Chairman of NIDO Russia, says that a stable democracy in the country means that there is a guarantee of stability and better atmosphere to strengthen investors confidence. It is a fundamental indicator while creating more conducive environment for sustainable development. This is an important factor which contributes to the security of foreign investments in the country. So, this is the best opportunity for potential Russian investors to utilize.

 

Essenowo says Nigeria has a lot of opportunities and it is one of the most prefered investment destinations in the world. Nigeria and Russia has a combine population of over 350 million people, there is the need to expand the scope of trade and economic integration by creating conducive environments for Russian and Nigerian small and medium scale entrepreneurs that are interested in doing business in both countries. The most lucrative investment sectors of the economy include housing, agriculture, healthcare, transport, mining, power generation, aviation and, tourism and hospitality services.

 

Generally, the participants had the opportunity to get acquainted with the current socio-economic environment, post-election developments, as well as business/investment opportunities for Russian investors in Nigeria. They attempted to evaluate the current state of the Russia-Nigerian relations, first of all in the economic sphere, and to foresee their prospects in view of the changes that the results of the recent presidential elections in Nigeria can bring.

 

The general view was that the current state of the economic relations between the two countries is weaker than it should be and supposed that the relations strengthening could be achieved by means of more active involving of the two states governmental bodies in their development, on the one hand, and making more emphasis than before on the development of cooperation at the level of small and midddle-size business, on the other.

 

It was also stressed that progress in the sphere of economic relations hardly can be possible without establishing trust between people of the two countries, for example, launching of projects that aimed at presenting and promoting Russian business and culture to Nigerians, and Nigerian business and culture to Russian citizens are necessary steps to raise the profile in both countries.

 

At the end of the heated debates and detailed discussions, the speakers and participants have agreed that the economic relations between Russia and Federal Republic of Nigeria will experience a significant positive development in the coming years, especially even before the presidential election many Russian companies, industrialists as well as private investors have shown keen interest in the economy of Nigeria.

 

CrossSectionThe Nigerian election was the most competitive presidential race ever held in its political history and the country represents one of the largest democracies in the world. Now, with the power transfer from the People’s Democratic Party (PDP) to All Progressives Congress (APC), it will be a major shift for the country — the first political power transfer between civilians of different parties in a country that has spent much of its post-colonial history shaken by military coups.

 

With results from all of the Nigeria’s 36 federal states counted, the former military ruler, Muhammadu Buhari, delivered a crushing defeat to President Goodluck Jonathan, getting nearly 55 percent of the vote to Mr. Jonathan’s 45 percent. Jonathan represented the People’s Democratic Party (PDP) while Buhari stood on the platform of All Progressives Congress (APC).

 

With this new political and post-election background, the participants at the round-table discussion praised the country for its democratic development, noting significantly that “the current situation will consolidate the climate for both local and foreign investment in the country.”

 

Additionally, this could open another chapter to a great deal of opportunities and business prospects, and for developing a broader multifaceted relationship in political, economic, education and socio-cultural spheres between Russia and Nigeria. They, however, noted with much doubts that there would be definitely emerging challenges and problems to overcome in the process.

 

NIDO Russia thanked the Institute of African Studies for welcoming the idea of hosting the round-table where various presentations were given by senior researchers and useful contributions by some of the invited guests, and noted that it was an important step to further improve and deepen understanding of the political transition from the People’s Democratic Party (PDP) to All Progressives Congress (APC) and the implications for future Russia-Nigerian cooperation.

 

Russia has considered Nigeria to be a strategic partner in Africa because of its numerous opportunities in human and natural resources. Russia has long decided to build a stronger bilateral trade with Nigeria as the biggest investment destination in sub-Sahara Africa. Despite its more than 50-year business relationship dating from the Soviet era, trade volume has now remained low with a current figure of $300m between Russian Federation and Federal Republic of Nigeria. (Source: Buziness Africa)

 
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