{"id":5705,"date":"2026-11-01T14:30:46","date_gmt":"2026-11-01T14:30:46","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/01\/nigeria-woos-russian-investors-seeks-local-currency-trade-settlement-at-moscow-summit\/"},"modified":"2026-11-01T14:30:46","modified_gmt":"2026-11-01T14:30:46","slug":"nigeria-woos-russian-investors-seeks-local-currency-trade-settlement-at-moscow-summit","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/01\/nigeria-woos-russian-investors-seeks-local-currency-trade-settlement-at-moscow-summit\/","title":{"rendered":"Nigeria woos Russian investors, seeks local currency trade settlement at Moscow summit"},"content":{"rendered":"<div><img width=\"433\" height=\"334\" src=\"https:\/\/globalnigerianews.com\/wp-content\/uploads\/2026\/11\/Nigeria-woos-Russian-investors-seeks-local-currency-trade-settlement-at-Moscow-summit.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Nigeria woos Russian investors, seeks local currency trade settlement at Moscow summit\" decoding=\"async\" fetchpriority=\"high\" srcset=\"https:\/\/globalnigerianews.com\/wp-content\/uploads\/2026\/11\/Nigeria-woos-Russian-investors-seeks-local-currency-trade-settlement-at-Moscow-summit.jpg 433w, https:\/\/cdn.vanguardngr.com\/wp-content\/uploads\/2026\/11\/dddd-300x231.jpg 300w\" sizes=\"(max-width: 433px) 100vw, 433px\"><\/p>\n<p class=\"wp-block-paragraph\">\u200eBy Boluwaji Obahopo<\/p>\n<p class=\"wp-block-paragraph\">\u200e<br \/>\u200eNigeria has called for a shift in its relations with Russia from political commitments to practical economic cooperation, urging Russian investors to explore opportunities in the country\u2019s energy, solid minerals, agriculture, manufacturing, pharmaceuticals and digital sectors.<br \/>\u200e<br \/>\u200eThe Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call while delivering Nigeria\u2019s statement at the Third Russia-Africa Summit at the Grand Kremlin Palace, where he also advocated stronger trade and financial arrangements, including independent local currency settlement mechanisms between both countries.<br \/>\u200e<br \/>\u200eEnikanolaiye, who led Nigeria\u2019s delegation to the summit, said the future of Africa- Russia relations must be measured by tangible economic outcomes, stressing the need to translate longstanding diplomatic ties into investments, technology transfer and development partnerships.<br \/>\u200e<br \/>\u200eHe said Nigeria was particularly interested in strengthening cross-border payment arrangements with Russia through mutually agreed systems, alongside improved banking channels and financial infrastructure to facilitate trade and investment.<br \/>\u200e<br \/>\u200eThe minister, who conveyed President Bola Ahmed Tinubu\u2019s greetings to Russian President Vladimir Putin and the African Union Chairman, President Evariste Ndayishimiye of Burundi, said the private sector must play a greater role in driving the partnership.<br \/>\u200e<br \/>\u200eHe urged Russia to collaborate with African countries on commercially viable infrastructure projects covering railways, ports, energy, telecommunications, transport and logistics, noting that such investments would strengthen regional connectivity and support the objectives of the African Continental Free Trade Area (AfCFTA).<br \/>\u200e<br \/>\u200eOn the digital economy, Enikanolaiye warned against Africa becoming merely a consumer of imported technology, calling for expanded cooperation in artificial intelligence, cybersecurity, software development, digital infrastructure and joint research.<br \/>\u200e<br \/>\u200eHe said such partnerships should prioritise technology transfer, capacity building and the development of indigenous technological capabilities across the continent.<br \/>\u200e<br \/>\u200eThe minister also identified agriculture and food security as critical areas for cooperation, urging Russia to support African countries in expanding domestic food production, fertiliser availability, irrigation, mechanisation, agricultural research, storage and agro-processing.<br \/>\u200e<br \/>\u200eAccording to him, recent disruptions to global supply chains have exposed the vulnerability of food systems, making it imperative for African countries to strengthen domestic production and retain more value from their agricultural resources.<br \/>\u200e<br \/>\u200eOn security, Enikanolaiye reaffirmed Nigeria\u2019s commitment to peace and stability in Africa, identifying terrorism, violent extremism, transnational organised crime, arms trafficking, piracy and cybercrime as threats requiring coordinated regional and international responses.<br \/>\u200e<br \/>\u200eHe, however, stressed that such partnerships must be anchored on African ownership and African-led solutions, with external cooperation strengthening existing regional mechanisms, including the African Union and ECOWAS.<br \/>\u200e<br \/>\u200eThe minister further reiterated Nigeria\u2019s commitment to sovereign equality, territorial integrity, non-interference and the peaceful settlement of disputes, while calling for reforms of the United Nations Security Council and international financial architecture to guarantee Africa\u2019s rightful representation.<br \/>\u200e<br \/>\u200eOn the outcome of the summit, Enikanolaiye said Nigeria supported the adoption of a focused Africa-Russia Action Plan for 2027\u20132029, with clear priorities, financing arrangements and monitoring mechanisms to ensure that agreements translated into measurable results.<br \/>\u200e<br \/>\u200eHe specifically invited Russian businesses to take advantage of Nigeria\u2019s position as Africa\u2019s largest market and a strategic gateway to West Africa and the AfCFTA, highlighting opportunities in energy, including renewable and nuclear technology, solid minerals, agriculture, manufacturing, pharmaceuticals, defence and digital services.<br \/>\u200e<br \/>\u200eThe minister also said the summit had reinforced the longstanding friendly relations between Nigeria and Russia, recalling Moscow\u2019s historic support for Nigeria\u2019s unity, sovereignty and territorial integrity dating back to the Soviet era.<br \/>\u200e<br \/>\u200eSpeaking at the plenary session, Putin described Russia and Africa as natural allies in building a just multipolar world order, reaffirming his country\u2019s commitment to sovereign equality, expanded diplomatic engagement, security cooperation and greater African representation in global institutions.<br \/>\u200e<br \/>\u200eSimilarly, Ndayishimiye stressed that Africa would not exchange one form of subordination for another, insisting that the continent\u2019s international partnerships must respect its independence and development priorities.<br \/>\u200e<br \/>\u200eHe said the 2027\u20132029 Action Plan would provide an opportunity to address infrastructure deficits through technology transfer and skills development, while moving Africa from dependence on external assistance towards greater economic independence.<br \/>\u200e<br \/>\u200eThe AU chairman also identified water security as a major priority of the continental body\u2019s 2026 agenda.<br \/>\u200e<br \/>\u200eThese was contained in a statement on Sunday by the Minister\u2019s Special Assistant on Media and Public Communication, Mr. Richard Elesho<\/p>\n<p>The post <a href=\"https:\/\/www.vanguardngr.com\/2026\/11\/nigeria-woos-russian-investors-seeks-local-currency-trade-settlement-at-moscow-summit\/\">Nigeria woos Russian investors, seeks local currency trade settlement at Moscow summit<\/a> appeared first on <a href=\"https:\/\/www.vanguardngr.com\/\">Vanguard News<\/a>.<\/p>\n<\/div>\n<p>Source: <\/p>\n<div class=\"nSourse\">Vanguard News<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u200eBy Boluwaji Obahopo \u200e\u200eNigeria has called for a shift in its relations with Russia from political commitments to practical economic cooperation, urging Russian investors to explore opportunities in the country\u2019s&hellip; <\/p>\n","protected":false},"author":1,"featured_media":5706,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-5705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/5705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=5705"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/5705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/5706"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=5705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=5705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=5705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}