Russia ready to expand trade with Nigerian businessmen – Envoy

The Ambassador of Russian Federation to Nigeria, Amb. Andrey Podelyshev has stated Russia’s readiness to do business with Nigerians pledging total Embassy and Trade Representative Office in Nigeria preparedness to assist in establishing appropriate business contacts.

Amb. Andrey Podelyshev who made this known Tuesday in Abuja while interacting with Nigeria business community on the achievements of Russia in its economy, especially in its technological sectors, said the economy was characterized by a very dynamic growth as the country’s nominal GDP exceeded 201 trillion rubles in 2024.

“The areas mentioned are only a small part of where Russia has competencies and what its companies can offer on the world market including Nigeria.

“We hope that this article will arouse interest among the representatives of Nigerian business community.

The Russian Embassy and Trade Representative Office in Nigeria are ready to assist them in establishing appropriate business contacts if there is an interest in cooperation with Russian companies in these industries” he said.

Amb. Podelyshev who listed space exploration, aircraft engineering, automobile manufacturing, electric power industry including nuclear energy, oil production and refining, agriculture as the main drivers of the growth said these sectors had significant scientific and technical potential.

“The Russian economy is characterized by a very dynamic growth. As of the end of 2024, the country’s nominal GDP exceeded 201 trillion rubles, which is equivalent to more than 2.5 trillion US dollars at the current exchange rate.

“Russia’s GDP at purchasing power parity reached almost 7 trillion US dollars. Due to this fact, Russia is ranked 4th in the world by GDP at PPP, which was also confirmed by the International Monetary Fund.

“Russia’s foreign trade turnover in 2024 is estimated at 717 billion US dollars. Moreover, the volume of exports from Russia in 2024 increased to 434 billion US dollars, and Russia’s positive foreign trade balance exceeded 150 billion US dollars. It is important to note that for Russia, the dollar is no longer so important in carrying out foreign trade operations.

“The share of Russia’s settlements in national currencies in 2024 including those with the BRICS countries, reached 65%. As of April 1 2025, the country’s external debt is estimated in absolute terms at 312 billion US dollars, which is only 14% of its GDP.

“In 2024, the inflation rate was at about 10%. Thanks to the measures taken by the Central Bank and the Government of Russia, a downward trend has become clearly evident this year. According the government’s forecasts, its level will reach the target of 4.0% in 2026. In 2023-24, Russia had a record low unemployment rate of 2.6% since the early 1990s.

“In 2024, Russian industry showed resilience and ability to adapt to changing economic conditions. By the end of 2024, production increased by 4.6%, mainly due to the manufacturing sector, where output had grown by 8.5%. Machine building industry has made a significant contribution to this result. The output of high-tech products in this sector increased by almost 20%.

“Among the drivers of the Russian economy there are such sectors as space exploration, aircraft engineering, automobile manufacturing, electric power industry including nuclear energy, oil production and refining, agriculture. They have significant scientific and technical potential” he noted.