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Russian Federation Eyes Nigerian Free Trade Zone

Russian Federation Eyes Nigerian Free Trade Zone



The Russian Federation is not averse to the establishment of A Russian Free Trade Zone in Nigeria to boost economic cooperation between the two nations, a top official of Russian Chamber of Commerce, Vladimir Kazimirov has disclosed.

Speaking at a webinar on post Covid-19 Russian-African business relations, Kazimirov hinted that creating such economic zone in Nigeria will strengthen Nigeria ahead of AFCTA and deepen economic partnership between Mosco w and Abuja.

Responding to suggestions for a Russian sponsored Egyptian style industrial Park in Nigeria, Kazimirov noted that discussions could commence between the Russian Export centre and the Nigerian Export Processing Zones Authority.

He recalled that a meeting was earlier held with some officials of Nigeria Export Processing Zones Authority, pledging that the issue will be tabled again for action.

” This will be a win win for both Russia and Nigeria. We should start the process as early as possible”, he said.

Commenting on the subject, the President of Abuja Chamber of Commerce and Industry, Prince Adetokunbo Kayode said Russian strengths in the manufacturing sector will provide a strong backbone for such industrial parks and free trade zones.

According to Kayode, Nigeria has ambitious plan to make the economic zones functional with the recent appointment of Prof Adesoji Adesugba as the Managing Director of NEPZA.

“The Nigerian government is providing the emabling environment for such parks and zones to function. This is right time.for Russian firms and government to show serious interest in the projects”, Kayode who is also the Chairman of Nigeria-Russian business Council stated.

Other areas of collaboration noted for action at the webinar include e-commerce, railway, agriculture, and power.

The webinar was organised by Abuja Chamber of Commerce and Industry in partnership with the Moscow Chamber of Commerce and Industry.


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