The Russian Embassy and Trade Representative Office in Nigeria has stated its readiness to assist the Nigerian business community in establishing appropriate business contacts if they are willing to cooperate with Russian companies in the areas of space exploration, aircraft engineering, automobile manufacturing, the electric power industry and nuclear energy, oil production and refining, as well as agriculture.

Speaking on Tuesday in Abuja, Russian Ambassador to Nigeria, Andrey Podelyshev, announced the country’s preparation for its National Day celebration on June 12, emphasizing that Russia’s economy is advancing and that Nigerians should be aware of areas where Russia has an advantage.

“I would like to take the opportunity to acquaint the business community of Nigeria with the achievements of Russia in the economy and especially in its technological sectors,” he stated.

According to the envoy, Russia’s economy is characterized by dynamic growth, noting that by the end of 2024, the country’s nominal Gross Domestic Product (GDP) exceeded $2.5 trillion.

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

He further highlighted Russia’s trade performance, stating:

“Russia’s foreign trade turnover in 2024 was estimated at $717 billion. Moreover, the volume of exports from Russia in 2024 increased to $434 billion, and Russia’s positive foreign trade balance exceeded $150 billion.”

Podelyshev emphasized that the U.S. dollar is becoming less significant in Russia’s foreign trade transactions.

“The share of Russia’s settlements in national currencies in 2024, including those with the BRICS countries, reached 65 percent.”

As of April 1, 2025, Russia’s external debt stood at $312 billion, representing 14 percent of its GDP.

He noted that Russian industry has shown resilience, reporting a 4.6 percent increase in production in 2024, primarily driven by the manufacturing sector, which recorded an 8.5 percent growth.

Among Russia’s key economic drivers, he highlighted space exploration, aircraft engineering, automobile manufacturing, the electric power industry, nuclear energy, oil production and refining, and agriculture.

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

In space exploration, the envoy stated that Russia is a pioneer in the industry, possessing a unique set of competencies in the sector.

He said, “The Russian space industry includes about 100 enterprises employing more than 250,000 people.”

He expressed satisfaction that, despite international political challenges, Russia’s space industry continues to maintain its presence on the world stage, cooperating with both NASA (United States) and the European Space Agency (European Union).

He said, “Based on existing plans for the completion of the International Space Station (ISS), Russia began full-scale work in 2024 to launch its own national orbital station. The works are scheduled to be completed by 2030, and the station is to be fully constructed by 2032, respectively.”