The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) plans to launch business-to-business matchmaking sessions for Nigerian firms ahead of a trade delegation to Moscow from 28th to 29th. The visit aims to deepen economic connections between Nigerian companies and Russian counterparts, focusing on engagement rather than passive trade shows.
Leading the Delegation
NACCIMA national president Jani Ibrahim said the chamber is collaborating with the Moscow Export team and the office of Vice President Kashim Shettima, who will lead the Nigerian delegation. Ibrahim noted that direct business interactions are the primary goal of the trip, rather than simply attending trade exhibitions.
The association is positioning Nigeria as the primary entry point for Russian businesses looking to access the African market. “If you reach us, you also reach the rest of Africa,” Ibrahim said, citing Nigeria’s membership in the African Continental Free Trade Area (AfCFTA). This agreement covers 54 countries and 1.4 billion people, offering duty-free access across the continent.
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During the visit, NACCIMA will emphasize non-oil exports driven by digital transformation, youth entrepreneurship, and women-led businesses. Ibrahim pointed out that services now account for about 54 percent of Nigeria’s GDP and that the country has the highest number of unicorns in Africa. With a median age of about 18 years, the population is largely composed of digital natives, a demographic the association hopes to leverage for growth.
Nigeria’s economic stability is a key selling point for potential partners. NACCIMA deputy president Michael Olawale-Cole said the economy has become more predictable due to ongoing reforms and stability in fiscal and monetary policies. He noted that investors from the U.S., U.K., and Europe are already arriving in Nigeria to tap into new opportunities, creating a favorable environment for the upcoming talks.
Access to Russian Markets
Vitaly Stepanov, CEO of the Moscow Export Center, outlined the economic weight of his city for Russia. Moscow accounts for a significant share of Russia’s exports, with 20 percent of all exporting companies registered there. The city also contributes 25 percent of Russia’s non-resource energy exports and over 40 percent of its services exports, including information technology.
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Stepanov emphasized the volume of trade between Moscow and Nigeria, noting that 50 percent of Russia’s overall exports to the country originate from Moscow-based businesses. The Moscow Export Center, established in 2017, facilitates economic ties through education, exploration programs, and business missions. It currently has nine representatives abroad, including one in Egypt, and plans to expand its presence in Africa.
While Russia has established a zero-tariff deal with Nigeria similar to China’s, the focus remains on expanding B2B connections. The center facilitates e-commerce and offers financial support, including export grants and preferential loans with deducted interest rates. It also maintains a database of more than 16,000 exporting companies across IT, medical, pharma, food, textiles, and creative industries.
Cooperation could take the form of sharing these catalogs with NACCIMA members or holding online educational events. Stepanov proposed signing a Memorandum of Understanding (MoU) to formalize the partnership. He also highlighted opportunities in youth employment and the creative sector, suggesting that video game developers could be included in the delegation to visit Moscow’s new video games development cluster.