Efforts by the Nigerian government to boost non-oil exports appear to be paying off as new data from the Nigerian Export Promotion Council shows non-oil exports climbed to a record $6.1 billion in 2025. Authorities say the figure marks an 11.5 percent increase from the $5.4 billion recorded in 2024.
Showing posts with label Trade. Show all posts
Showing posts with label Trade. Show all posts
Wednesday, January 28, 2026
Nigeria's non-oil exports surge to record high of $6.1 billion in 2025
Efforts by the Nigerian government to boost non-oil exports appear to be paying off as new data from the Nigerian Export Promotion Council shows non-oil exports climbed to a record $6.1 billion in 2025. Authorities say the figure marks an 11.5 percent increase from the $5.4 billion recorded in 2024.
Wednesday, January 14, 2026
Nigeria pitches $600m lithium and gold projects to Saudi investors
Nigeria is positioning itself as Africa’s next major minerals hub after rolling out a $600 million lithium processing plant and multiple gold refineries, part of a strategy to make the country a key global supplier of materials needed for the green-energy transition.
The PUNCH reports that Nigeria's minister of Solid Minerals Development, Dele Alake, disclosed the developments during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh.
The projects, he said, represent the most concrete outcome yet of Nigeria’s policy to end the export of raw minerals and build domestic processing capacity.
“Nigeria’s value-addition policy is already yielding tangible results, with a gold refining plant of very high purity now operational in Lagos, three additional gold refineries at various stages of development, and a $600 million lithium processing plant in Nasarawa State ready for commissioning,” Alake said
The PUNCH reports that Nigeria's minister of Solid Minerals Development, Dele Alake, disclosed the developments during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh.
The projects, he said, represent the most concrete outcome yet of Nigeria’s policy to end the export of raw minerals and build domestic processing capacity.
“Nigeria’s value-addition policy is already yielding tangible results, with a gold refining plant of very high purity now operational in Lagos, three additional gold refineries at various stages of development, and a $600 million lithium processing plant in Nasarawa State ready for commissioning,” Alake said
Why Nigeria’s mining pivot matters for Africa
This new phase follows years of government efforts to dismantle illicit mining networks, particularly in gold-rich states such as Zamfara and Niger, where terrorist groups and criminal syndicates had turned illegal mining into a major funding source.
Nigeria is estimated to hold about 757,000 ounces of gold, potentially worth up to $1.4 billion, with at least 17 states hosting notable deposits.
The government has deployed security forces, tightened licensing, and strengthened oversight of mineral exports, gradually bringing more of the sector under formal control to attract international investment.
Nigeria’s mining push mirrors a broader African trend as countries race to tap demand for gold, lithium and other critical minerals driven by the global energy transition.
While illegal mining persists in parts of Nigeria’s northwest and central regions, Abuja’s strategy which involves combining security enforcement, value addition and foreign partnerships, offers a potential model for resource-rich African economies seeking to move beyond raw exports.
This new phase follows years of government efforts to dismantle illicit mining networks, particularly in gold-rich states such as Zamfara and Niger, where terrorist groups and criminal syndicates had turned illegal mining into a major funding source.
Nigeria is estimated to hold about 757,000 ounces of gold, potentially worth up to $1.4 billion, with at least 17 states hosting notable deposits.
The government has deployed security forces, tightened licensing, and strengthened oversight of mineral exports, gradually bringing more of the sector under formal control to attract international investment.
Nigeria’s mining push mirrors a broader African trend as countries race to tap demand for gold, lithium and other critical minerals driven by the global energy transition.
While illegal mining persists in parts of Nigeria’s northwest and central regions, Abuja’s strategy which involves combining security enforcement, value addition and foreign partnerships, offers a potential model for resource-rich African economies seeking to move beyond raw exports.
By Solomon Ekanem, Business Insider Africa
Nigeria, UAE strike trade pact to scrap tariffs on over 7,000 products
Nigeria has signed a far-reaching trade agreement with the United Arab Emirates that will eliminate tariffs on thousands of products and deepen economic ties between Africa’s largest economy and one of the world’s most dynamic trading hubs.
The Nigeria–UAE Comprehensive Economic Partnership Agreement was signed on the sidelines of Abu Dhabi Sustainability Week, with President Bola Tinubu and UAE President Mohamed bin Zayed Al Nahyan in attendance.
The deal is designed to expand market access for Nigerian exporters, encourage new investment flows, and strengthen Nigeria’s role as a gateway for trade into Africa.
President Tinubu described the agreement as a practical step with direct economic impact. He said it would grant duty-free access for thousands of Nigerian products into the UAE, expand opportunities for exporters and manufacturers, and provide greater certainty for UAE investors looking to back Nigeria’s productive sectors. According to him, the pact supports Nigeria’s industrialisation and diversification agenda while reinforcing its long-term national interest.
The agreement is the outcome of negotiations led by Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and her UAE counterpart, Thani bin Ahmed Al Zeyoudi. Tinubu commended both teams for bringing the talks to a conclusion and expressed optimism that the renewed partnership would deliver lasting benefits for both countries.
For Nigerian exporters, the deal represents a significant opening. Oduwole said the UAE will eliminate tariffs on more than 7,000 Nigerian products, including agricultural and industrial goods such as fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, and chemicals. Over the next three to five years, tariffs will also be removed on machinery, vehicles, electrical equipment, apparel, and furniture.
She noted that Nigerian industrial exports now have a clearer and more competitive pathway into the UAE market. Beyond goods, the agreement allows Nigerian businesses to establish operations in the UAE through new corporate entities, branches, and subsidiaries.
Business visitors from Nigeria will be able to enter the UAE for up to 90 days within a year to explore trade and investment opportunities, while managers, executives, and specialists can relocate under renewable three-year arrangements.
On investment, the minister said the agreement removes long-standing constraints that have discouraged foreign direct investment. She added that UAE investors now have clearer rules and protections to invest in Nigeria’s productive sectors, supporting industrial growth, improved logistics, and job creation for Nigeria’s youthful population.
Nigeria has also made commitments under the deal. Oduwole said the country will eliminate tariffs on around 6,000 products, with about 60 percent removed immediately and the remainder phased out over five years. These imports are largely industrial inputs, capital goods, and machinery intended to boost domestic productive capacity, while Nigeria’s import prohibition list will remain in force.
In services, Nigeria’s commitments cover 99 specific services across 10 sectors, including business, communications, transportation, financial services, construction, health, and tourism.
The government has pledged swift implementation, with the Ministry of Industry, Trade, and Investment working alongside agencies such as the Nigeria Customs Service, the Nigerian Export Promotion Council, the Nigerian Investment Promotion Commission, and the Standards Organisation of Nigeria to ensure businesses can fully benefit from the agreement.
Oduwole said the deal was negotiated with the Nigerian private sector in mind, urging businesses to seize the new market access and expand confidently into the UAE and beyond.
The Nigeria–UAE Comprehensive Economic Partnership Agreement was signed on the sidelines of Abu Dhabi Sustainability Week, with President Bola Tinubu and UAE President Mohamed bin Zayed Al Nahyan in attendance.
The deal is designed to expand market access for Nigerian exporters, encourage new investment flows, and strengthen Nigeria’s role as a gateway for trade into Africa.
President Tinubu described the agreement as a practical step with direct economic impact. He said it would grant duty-free access for thousands of Nigerian products into the UAE, expand opportunities for exporters and manufacturers, and provide greater certainty for UAE investors looking to back Nigeria’s productive sectors. According to him, the pact supports Nigeria’s industrialisation and diversification agenda while reinforcing its long-term national interest.
The agreement is the outcome of negotiations led by Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and her UAE counterpart, Thani bin Ahmed Al Zeyoudi. Tinubu commended both teams for bringing the talks to a conclusion and expressed optimism that the renewed partnership would deliver lasting benefits for both countries.
For Nigerian exporters, the deal represents a significant opening. Oduwole said the UAE will eliminate tariffs on more than 7,000 Nigerian products, including agricultural and industrial goods such as fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, and chemicals. Over the next three to five years, tariffs will also be removed on machinery, vehicles, electrical equipment, apparel, and furniture.
She noted that Nigerian industrial exports now have a clearer and more competitive pathway into the UAE market. Beyond goods, the agreement allows Nigerian businesses to establish operations in the UAE through new corporate entities, branches, and subsidiaries.
Business visitors from Nigeria will be able to enter the UAE for up to 90 days within a year to explore trade and investment opportunities, while managers, executives, and specialists can relocate under renewable three-year arrangements.
On investment, the minister said the agreement removes long-standing constraints that have discouraged foreign direct investment. She added that UAE investors now have clearer rules and protections to invest in Nigeria’s productive sectors, supporting industrial growth, improved logistics, and job creation for Nigeria’s youthful population.
Nigeria has also made commitments under the deal. Oduwole said the country will eliminate tariffs on around 6,000 products, with about 60 percent removed immediately and the remainder phased out over five years. These imports are largely industrial inputs, capital goods, and machinery intended to boost domestic productive capacity, while Nigeria’s import prohibition list will remain in force.
In services, Nigeria’s commitments cover 99 specific services across 10 sectors, including business, communications, transportation, financial services, construction, health, and tourism.
The government has pledged swift implementation, with the Ministry of Industry, Trade, and Investment working alongside agencies such as the Nigeria Customs Service, the Nigerian Export Promotion Council, the Nigerian Investment Promotion Commission, and the Standards Organisation of Nigeria to ensure businesses can fully benefit from the agreement.
Oduwole said the deal was negotiated with the Nigerian private sector in mind, urging businesses to seize the new market access and expand confidently into the UAE and beyond.
By Segun Adeyemi, Business Insider Africa
Wednesday, January 7, 2026
Video - Nigeria businesses look to shift trade to Asia, Europe in response to Trump "America First" policy
In Nigeria, some business owners say they are being pushed to look beyond the United States as the Trump administration tightens anti-migrant policies and visa restrictions. Many say they are now exploring opportunities in other parts of the world.
Monday, January 5, 2026
Video - Nigeria struggles as US trade barriers disrupt exports
Nigeria's exports to the US have taken a hit due to new tariffs under the Trump administration, forcing local businesses to adapt. As demand falls, Nigerian exporters are looking to shift their focus to Asia and Europe to stay competitive. In this report, we examine the impact of these trade barriers on Nigeria's economy and the changing global trade landscape.
Friday, January 2, 2026
Video - Nigeria's economic reforms aim for recovery and opportunity
As Nigeria awaits to usher in 2026, the country faces tough economic realities. Despite positive growth indicators and reforms, high food prices and inflation continue to strain households. While the government targets supply chain improvements and fiscal oversight, many Nigerians like trader Eucheria Kanu remain hopeful, yet still waiting for these reforms to bring real, tangible relief.
Monday, December 29, 2025
Video - Nigeria’s Christmas rice surplus sparks mixed reactions
Rice prices in Nigeria dropped sharply ahead of the Christmas season. While that's good news for households, local farmers and traders say the lower prices are hurting producers, with many struggling to cover their costs.
Tuesday, July 22, 2025
'Nigeria First' policy aims to prioritize homegrown goods and services
Supporters say the initiative represents a bold step toward economic self-reliance. The government states that the policy will be supported by an executive order to ensure the desired results.
Friday, July 4, 2025
Video - Experts say BRICS offers Nigeria a new economic pathway
Nigeria became a partner country of the BRICS economic bloc in January 2025. While it doesn't have the same decision-making power as full members, it can participate in BRICS summits and initiatives. Experts say its status can also help the West African country tap into wider trade and finance networks.
Monday, June 16, 2025
Video - Nigeria, FAO back on $135,000 injection to boost aquaculture
Nigeria, in partnership with the UN Food and Agriculture Organisation, is investing approximately $135,000 into the aquaculture sector. The initiative will support 40 small- and medium-sized fish farms, aiming to boost local fish production and reduce the country's $1.2 billion fish import costs.
Monday, June 2, 2025
Video - New push to revive Nigeria’s livestock sector
Authorities in Nigeria aim to triple its $32 billion livestock sector with support from a new Ministry of Livestock Development. But high feed costs, livestock losses, and expensive transport still hold the industry back. Experts say real progress depends on how well the plans are executed.
Tuesday, May 20, 2025
Nigeria seeks to boost cocoa exports as oil falters
Thirty-nine years later, the government is preparing for the launch of a new regulatory body. On 5 May agriculture minister Abubakar Kyari announced that President Bola Tinubu’s cabinet has approved a draft bill to create a National Cocoa Management Board that will have responsibility for regulating the industry, but without the power to fix prices.
“With this new framework, we will be competing directly with top global producers like Ghana and Côte d’Ivoire,” said Kyari.
For President Bola Tinubu’s government, this is a chance to boost the potential of an industry that has broken several price records in recent years, with prices rising 400% in three years to reach $12,000 per ton at point. The value of cocoa exports from Nigeria jumped more than sevenfold between 2023 and 2024 to 2.7 trillion naira ($1.7bn), driven by higher demand and naira depreciation. Cocoa thus offers Nigeria a viable opportunity to diversify away from faltering oil exports.
The Tinubu administration based its 2025 budget of 54.9 trillion naira on a daily oil output of 2.06m barrels of crude sold at $75 per barrel. While the year started with a January production of 1.53m barrels per day, it has remained below that number in the subsequent months, with prices closer to $60 a barrel. Thoughts are therefore turning to cocoa as a potential driver of export earnings.
Demands for better traceability
Though Nigerian cocoa farmers and the industry in general have enjoyed the freedom to set prices, Nigerian-origin cocoa has sometimes been sold at a discount due to quality inconsistency, an indicator of variable industry standards. But recent global developments demanding sustainable and ethical practices, particularly the introduction of the European Union Deforestation Regulation, made regulated standards a necessity.
The Regulation, passed by the European Parliament in 2023, requires all exporters of agricultural commodities to the EU to provide evidence that the crop is grown sustainably and is not causing deforestation. It requires that agricultural exports be traceable to where they are grown – and this requirement has made a regulator essential, according to Adeola Adegoke, president of the Cocoa Farmers Association of Nigeria. “The Nigerian cocoa industry cannot continue to be on autopilot,” said Adegoke. “There must be a deliberate plan to reposition it in order to regain the lost glory of the cocoa economy.” Nigeria slipped from its leadership in cocoa production as oil became the mainstay of the economy from the 1970s, and agricultural exports were sidelined by successive governments.
Though Nigerian cocoa farmers and the industry in general have enjoyed the freedom to set prices, Nigerian-origin cocoa has sometimes been sold at a discount due to quality inconsistency, an indicator of variable industry standards. But recent global developments demanding sustainable and ethical practices, particularly the introduction of the European Union Deforestation Regulation, made regulated standards a necessity.
The Regulation, passed by the European Parliament in 2023, requires all exporters of agricultural commodities to the EU to provide evidence that the crop is grown sustainably and is not causing deforestation. It requires that agricultural exports be traceable to where they are grown – and this requirement has made a regulator essential, according to Adeola Adegoke, president of the Cocoa Farmers Association of Nigeria. “The Nigerian cocoa industry cannot continue to be on autopilot,” said Adegoke. “There must be a deliberate plan to reposition it in order to regain the lost glory of the cocoa economy.” Nigeria slipped from its leadership in cocoa production as oil became the mainstay of the economy from the 1970s, and agricultural exports were sidelined by successive governments.
More support needed for farmers
In recent years, the trade has suffered from an absence of incentives and government support, especially in the years in which farmers were threatened by price volatility, said Adegoke. The major assignment of the board will be to fill that gap, he said.
The move toward a new board started with the establishment of the National Cocoa Management Committee in August 2022. Made up of industry stakeholders and officials of the agriculture ministry, its primary task was to devise measures for the revitalisation of cocoa as a major export commodity.
The committee identified significant challenges, such as difficulties in dealing with cocoa pests and diseases, a growing preponderance of ageing plantations and farmers, lack of finance and the absence of national regulation.
In the draft bill, the National Cocoa Management Committee will be converted into the National Cocoa Management Board to tackle the identified problems facing the industry.
In recent years, the trade has suffered from an absence of incentives and government support, especially in the years in which farmers were threatened by price volatility, said Adegoke. The major assignment of the board will be to fill that gap, he said.
The move toward a new board started with the establishment of the National Cocoa Management Committee in August 2022. Made up of industry stakeholders and officials of the agriculture ministry, its primary task was to devise measures for the revitalisation of cocoa as a major export commodity.
The committee identified significant challenges, such as difficulties in dealing with cocoa pests and diseases, a growing preponderance of ageing plantations and farmers, lack of finance and the absence of national regulation.
In the draft bill, the National Cocoa Management Committee will be converted into the National Cocoa Management Board to tackle the identified problems facing the industry.
High prices bring opportunities
The more than threefold increase in cocoa prices between 2023 and 2024 seems to have been a wake-up call for the government. Nigeria has ranked fifth in recent years among global cocoa producers, behind Côte d’Ivoire, Ghana, Ecuador and Cameroon. While the two top producers, Côte d’Ivoire and Ghana, suffered significant output shortfalls due to unfavourable weather, Nigeria, which had a better crop, lacked the output scale to make the most of the opportunity.
Still, the country produced more than 300,000 tons of the crop in the 2023-24 season. Some expect an even better harvest in the current season due to improved weather. The government is keen to capitalise on this.
Prices for cocoa futures have started retreating from their record levels, and were ranging between $7,844 and $8,415 per ton in March, according to a market assessment published on 11 April by the International Cocoa Organization (ICCO).
Weighing on the market were weakening demand and an expectation that most of the West African producers, who account for 70% of global production, will have a better season than the 2023-24 season. The current season is the first in three years in which the ICCO is expecting a production surplus. But it is unlikely to result in a wholesale reset of prices, given the vagaries of the supply chain.
Indeed, with hedge funds betting on cocoa futures and driving the record prices of recent years, younger people in Nigeria are beginning to see a future in cocoa farms. Some are establishing new farms and planting early-maturing varieties that yield pods within three years, according to officials at the Cocoa Association of Nigeria (CAN).
Yet, even while the government has been applauded for initiating the return of an industry board, some stakeholders have their misgivings.
The more than threefold increase in cocoa prices between 2023 and 2024 seems to have been a wake-up call for the government. Nigeria has ranked fifth in recent years among global cocoa producers, behind Côte d’Ivoire, Ghana, Ecuador and Cameroon. While the two top producers, Côte d’Ivoire and Ghana, suffered significant output shortfalls due to unfavourable weather, Nigeria, which had a better crop, lacked the output scale to make the most of the opportunity.
Still, the country produced more than 300,000 tons of the crop in the 2023-24 season. Some expect an even better harvest in the current season due to improved weather. The government is keen to capitalise on this.
Prices for cocoa futures have started retreating from their record levels, and were ranging between $7,844 and $8,415 per ton in March, according to a market assessment published on 11 April by the International Cocoa Organization (ICCO).
Weighing on the market were weakening demand and an expectation that most of the West African producers, who account for 70% of global production, will have a better season than the 2023-24 season. The current season is the first in three years in which the ICCO is expecting a production surplus. But it is unlikely to result in a wholesale reset of prices, given the vagaries of the supply chain.
Indeed, with hedge funds betting on cocoa futures and driving the record prices of recent years, younger people in Nigeria are beginning to see a future in cocoa farms. Some are establishing new farms and planting early-maturing varieties that yield pods within three years, according to officials at the Cocoa Association of Nigeria (CAN).
Yet, even while the government has been applauded for initiating the return of an industry board, some stakeholders have their misgivings.
Sayanna Riman, a cocoa farmer and a former president of the CAN, which groups farmers, buyers and processors, says that a board could lead to creeping government interference that ultimately may not be in the interest of farmers. What the industry needs, rather than an interfering body, Riman says, is more sensitivity to the challenges that farmers face and targeted support to help them make the most of the era of high prices. “What the cocoa industry needs is investments and more standardisation,” Riman concludes.
By Dulue Mbachu, African Business
Thursday, May 15, 2025
Nigeria's Aliko Dangote 'comfortable' with impact of Trump tariffs on urea exports
LAGOS (Reuters) -Nigerian billionaire Aliko Dangote said on Thursday he was "comfortable" with the impact President Donald Trump's tariffs would have on his urea exports to the U.S. because major competitor Algeria had been slapped with a higher levy.
Trump imposed a 14% tariff on imports from Nigeria, Africa's largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days.
Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37% of its 3 million metric tonnes of urea production to the United States.
He said he was initially worried by Trump's tariff on Nigeria, which also exports crude to the U.S.
"But when I checked who we are really competing with, we are competing with Algeria. So luckily for us Algeria were slapped with 30%," said Dangote. "So it actually makes us a bit comfortable."
Dangote, who built Africa's largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25 billion projected in 2025.
Trump imposed a 14% tariff on imports from Nigeria, Africa's largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days.
Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37% of its 3 million metric tonnes of urea production to the United States.
He said he was initially worried by Trump's tariff on Nigeria, which also exports crude to the U.S.
"But when I checked who we are really competing with, we are competing with Algeria. So luckily for us Algeria were slapped with 30%," said Dangote. "So it actually makes us a bit comfortable."
Dangote, who built Africa's largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25 billion projected in 2025.
Thursday, May 1, 2025
Video - Experts call for Nigerian to boost ties with China as U.S. tariff threat looms
Nigeria is under pressure to diversify its trade partners after the U.S. announced a potential 14 percent tariff on its exports. Manufacturers warn the move could drive up production costs, affecting both businesses and consumers. Economic experts are now urging the government to deepen partnerships with China and tap into the country’s vast untapped mineral reserves to boost export resilience.
Tuesday, April 22, 2025
Video - Nigeria food crisis deepens
Nigeria is in the grip of a worsening food crisis. Inflation is crippling farmers and traders, and millions face hunger. Despite a new emergency plan, critics say lasting solutions are still missing.
Russia is set to initiate new shipping line with Nigeria
The service, which is scheduled to begin operations in mid-June, will be operated by Russia's A7 African Cargo Line.
Initially, two 700-TEU container ships will service the route, with future development plans aimed at Senegal, as reported by Sputnik.
According to Maxim Petrov, Russia's Trade Representative in Nigeria, the shipping line would facilitate the sale of Russian agricultural products, machinery, and transportation equipment to Nigeria.
In return, it will allow Russia to purchase cotton from fellow West African state, Mali, a crucial regional product with an annual yield of over 650,000 tons.
Simultaneously, Nigeria and Russia are strengthening military relations.
Initially, two 700-TEU container ships will service the route, with future development plans aimed at Senegal, as reported by Sputnik.
According to Maxim Petrov, Russia's Trade Representative in Nigeria, the shipping line would facilitate the sale of Russian agricultural products, machinery, and transportation equipment to Nigeria.
In return, it will allow Russia to purchase cotton from fellow West African state, Mali, a crucial regional product with an annual yield of over 650,000 tons.
Simultaneously, Nigeria and Russia are strengthening military relations.
Russia and Nigeria’s growing ties in 2025 so far
In March 2025, Russian Deputy Minister of Defense Yunus-bek Yevkurov and Nigeria's Chief of Defense Staff, General Christopher Musa, met to explore the extension of the two nations' current defense cooperation.
This military partnership stems from a 2021 deal under which Russia would supply training, logistics, and equipment to the Nigerian military.
Financial relations have also improved. In February 2025, Russia officially added Nigeria to the list of countries eligible for currency trading in its banking system.
Tunisia and Ethiopia were also included, bringing the total number of eligible African countries to seven and further integrating the region into Russia's financial efforts.
The previous list, authorized in September 2023, comprised Algeria, Egypt, Morocco, and South Africa.
This inclusion corresponds with Nigeria's admission to the BRICS group of nations as a partner country. Following South Africa, Nigeria became the second African nation and ninth member to achieve BRICS partner status in January 2025.
These initiatives, taken together, provide a picture of Russia and Nigeria's quickly changing relationship, one that is moving beyond rhetoric and into tangible cooperation.
In March 2025, Russian Deputy Minister of Defense Yunus-bek Yevkurov and Nigeria's Chief of Defense Staff, General Christopher Musa, met to explore the extension of the two nations' current defense cooperation.
This military partnership stems from a 2021 deal under which Russia would supply training, logistics, and equipment to the Nigerian military.
Financial relations have also improved. In February 2025, Russia officially added Nigeria to the list of countries eligible for currency trading in its banking system.
Tunisia and Ethiopia were also included, bringing the total number of eligible African countries to seven and further integrating the region into Russia's financial efforts.
The previous list, authorized in September 2023, comprised Algeria, Egypt, Morocco, and South Africa.
This inclusion corresponds with Nigeria's admission to the BRICS group of nations as a partner country. Following South Africa, Nigeria became the second African nation and ninth member to achieve BRICS partner status in January 2025.
These initiatives, taken together, provide a picture of Russia and Nigeria's quickly changing relationship, one that is moving beyond rhetoric and into tangible cooperation.
By Chinedu Okafor, Business Insider Africa
Monday, April 14, 2025
Video - Nigerian exporters brace for impact as U.S. tariff pause sparks urgency
While the temporary suspension of 14 percent U.S. tariffs offered brief relief, experts warned Nigeria must act fast to negotiate a long-term solution with U.S. President Donald Trump or risk deeper economic fallout and declining investor confidence.
Monday, March 3, 2025
Video - Nigerian car dealers warn proposed U.S. tariff on auto imports would hurt consumers
The United States plans to impose a 25 percent tariff on imported vehicles. Car dealers in Nigeria worry that the added costs will significantly drive up prices locally. A large portion of imported vehicles in Nigeria come from the United States.
Thursday, February 27, 2025
Nigeria partners with China Foreign Trade Centre to strengthen trade relations
Africa's participation in China's bi-annual Canton Fair has been growing, with Nigeria among the biggest participants from the continent. Companies and entrepreneurs met in Lagos to strategize for the upcoming April event.
Wednesday, February 26, 2025
Video - Nigeria partners with China Foreign Trade Centre to unlock new markets
Nigerian entrepreneurs and businesses are strategizing in Lagos to maximize opportunities at the upcoming 2025 Spring Canton Fair in Guangzhou, China, set to begin in mid-April.
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