Nigeria, Russia eye stronger B2B ties as NACCIMA plans pre

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, says it will begin B2B matchmaking for Nigerian companies ahead of a planned trade delegation to Moscow from 28th to 29th, as Nigeria and Russia seek to strengthen business-to-business ties. Jani Ibrahim, NACCIMA national president, said the chamber is working with the Moscow Export team and the office of Kashim Shettima, vice president, who has agreed to lead the Nigerian delegation. He noted that B2B engagements, rather than trade shows alone, would be the most important part of the visit. Ibrahim said NACCIMA, with state chambers nationwide as well as bilateral and corporate members, is positioning Nigeria as Russia’s entry point to Africa. “If you reach us, you also reach the rest of Africa,” he said, citing Nigeria’s membership of the African Continental Free Trade Area, which covers 1.4 billion people across 54 countries with duty-free access. Read also:https://businessday.ng/news/article/renewed-optimism-powers-nigeria-manufacturing-growth-to-3-2/ The NACCIMA president added that the chamber is keen on digital transformation, youth entrepreneurship and women-led businesses as drivers of non-oil exports. He also called for preferential interest rate regimes for exporters and explored the possibility of a preferential trade arrangement with Russia similar to Nigeria’s zero-tariff deal with China. Ibrahim said services now account for about 54 percent of Nigeria’s GDP and that Nigeria has the highest number of unicorns in Africa. With a median age of about 18 years, he described Nigeria’s population as “digital natives” and said NACCIMA would share member requirements with Moscow ahead of the visit to ensure targeted business meetings. Michael Olawale-Cole, NACCIMA deputy president and former LCCI president, said the upcoming Russia’s visit was coming at the right time as countries realign trade relationships amid global shifts. “People are trying to find out new business partners. People are now trying to find out who to do business with.” “And the world is changing. So you have come at a very good time for Nigeria. And you have come at a time when Nigeria is doing very well.” Olawale-Cole said Nigeria’s economy was now more predictable due to ongoing reforms and stability in fiscal and monetary policies. He noted that on his flight from the U.K. on Monday, he met investors from the U.S., U.K. and Europe who were also coming to Nigeria to tap new opportunities. “You need to take your right place now at a time like this when the economy is getting a lot better and getting more stable.” He urged Russian companies to work through NACCIMA as the umbrella body for all chambers in Nigeria to ensure protection and credibility. He pledged NACCIMA’s support, working with the Lagos Chamber of Commerce, to link Russian businesses to credible Nigerian partners. In his response, Vitaly Stepanov, CEO of the Moscow Export Center, said Moscow accounts for a significant share of Russia’s exports and is keen to deepen economic ties with Nigeria. He noted that 20 percent of all exporting companies in Russia are registered in Moscow, while the city accounts for 25 percent of Russia’s non-resource energy exports and over 40 percent of Russia’s services exports, including IT. “We also have a major role in trade with Nigeria, because 50 percent of overall Russia’s export to Nigeria comes from Moscow-based business,” he added. Stepanov said the Moscow Export Center was established in 2017 to build economic ties between Moscow-based companies and foreign partners through education, exploration programmes and business missions. The center participated in GITEX Nigeria and in 2023 hosted a reverse business mission for Nigerian companies in Moscow. It currently has nine representatives abroad, including one in Egypt, and plans to expand its presence in Africa. The agency also facilitates e-commerce and offers financial support, including export grants and preferential loans at deducted interest rates. He said the center is ready to share brand books of more than 16,000 exporting Moscow companies across IT, medical, pharma, food, textiles and creative industries. Its client base covers about 5,000 companies. Stepanov proposed distributing the catalogs to NACCIMA members, holding an online educational event to link businesses, and signing an MoU to formalize cooperation. He said the center would organize B2Bs and city tours, and will include interested Moscow companies in the official business delegation based on feedback from Nigerian firms. He added that the Moscow Export Center, which marks 9 years this month, is Russia’s leading regional export agency and is ready to share expertise. He also highlighted opportunities in youth employment and creative industries. Through its “Start in Moscow” project, graduates and specialists can be employed in Moscow companies. On creativity, Stepanov said Moscow recently opened a video games development cluster and will host International Video Games Development Week from 29th October to 1st November, alongside other events like Moscow Fashion Week and Moscow Film Festival. “Maybe NACCIMA could consider gathering video game developers in the delegation so that we could show them around the cluster,” he said. Join BusinessDay whatsapp Channel, to stay up to date Open In Whatsapp