Nigeria and The Russian Federation have initiated plans to improve trade relations between both countries.
The desire to improve trade relations between both countries in not unconnected to the low level of trade between both countries valued at less than $300 million.
Addressing journalists in Abuja, the Nigerian Ambassador to Russia, Mr Assam Assam and his Russian counterpart in Nigeria, Ambassador Nikolay Udovichenko both said the two countries have agreed to deepen the level of trade that currently exists between them.
Assam lamented the $300 million trade volume between vith countries stressing that "the figure is unacceptable considering the 50 years of trade relation that exists between Nigeria and Russia. This is a result of knowing little about each other's countries."
He expressed displeasure that few Nigeria companies are presently doing businesses in Russia adding that with policy direction, Nigeria's economic cooperation with Russia would be greatly enhanced.
To ramp up trade volume between the two countries, their chambers of commerce would be holding the first Nigeria-Russia Business and Investment Forum which will take place in Moscow on the 9th and 10th October, 2013 to open up new areas of economic collaboration after 50 years of socio-economic and political relations.
According to ambassador Assam, "Nigeria and Russia have had 50 years of diplomatic relation and that is why as part of the business forum and by virtue of very prominent Nigerians who will be coming to Moscow for the business forum, we have decided to use the forum as an opportunity for Nigeria to improve trade with Russia and attract businesses from Russia to Nigeria with quality interaction to enhance relationship."
