Trade deficit with Russia worries Nigeria

The Nigerian government on Sunday said it is worried about the lopsided trade relations with Russia. Nigeria's Ambassador to Russia Assam Assam made the observation to reporters in southeast Akwa Ibom State, saying economic relations between Nigeria and Russia favored the Russians. He said the Nigerian mission has commenced moves to address the trade imbalance and is 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, he said, noting that in the current year, the Russians exported about 350 million U.S. dollars worth of goods to Nigeria, and Nigeria exported nothing. According to him, the mission is working on developing markets for non oil exports to boost trade with Russia. The Nigerian envoy said the country had an existing Memorandum of Understanding (MOU) with Gazprom, a Russian gas firm, which will be implemented. Assam said the MOU provides a framework for meaningful economic relations that will be mutually beneficial to both countries as well as strengthen bilateral relations. According to the diplomat, the Russian expertise in gas will be deployed to develop the sector in Akwa Ibom and boost exports to Russia. He said two Russian firms have already been invited to join in the oil and gas exploration activities in Akwa Ibom and will soon commence operations.