By Omoyeni Ojeifo
The Federal Government has identified banking restrictions, payment difficulties and inadequate financial infrastructure as major obstacles that must be addressed to unlock trade and investment opportunities between Africa and Russia.
The Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, said this while delivering Nigeria’s National Statement at the Third Russia-Africa Summit at the Grand Kremlin Palace.
Enikanolaiye, who led Nigeria’s delegation, conveyed President Bola Tinubu’s warm greetings to Russian President Vladimir Putin and the African Union Chairman, President Evariste Ndayishimiye of Burundi.
He called for sustainable financial mechanisms, including improved banking channels and payment arrangements, to enhance the ease of doing business between Africa and Russia.
“The future of the partnership could not be built by governments alone, urging greater participation of the African private sector,” he said, in a statement made available to PerSecondNews on Friday by Raphael Oni, Special Assistant on Digital Media to the Minister.
The minister expressed Nigeria’s hope to deepen independent local currency settlement mechanisms with Russia through agreed standard systems for cross-border payments.
According to him, the success of the summit should be measured by concrete outcomes, proposing a focused Africa-Russia Action Plan for 2027–2029 with clear priorities, financing arrangements and monitoring frameworks.
Enikanolaiye also invited Russian businesses to explore investment opportunities in Nigeria, particularly in energy, solid minerals, agriculture, manufacturing, pharmaceuticals, defence and digital services.
He identified Nigeria as Africa’s largest market and a strategic gateway to West Africa and the African Continental Free Trade Area.
The minister further called for Russian cooperation in commercially viable infrastructure projects covering transport, railways, ports, energy, telecommunications and logistics.
He also proposed stronger collaboration in digital infrastructure, cybersecurity, artificial intelligence, software development and joint research, with emphasis on technology transfer and capacity building.
On security, Enikanolaiye identified terrorism, violent extremism, transnational organised crime, arms trafficking, piracy and cybercrime as threats requiring regional and international cooperation anchored on African ownership and African-led solutions.
He reaffirmed Nigeria’s commitment to sovereign equality, territorial integrity, non-interference and peaceful settlement of disputes, while advocating reforms of the United Nations Security Council and international financial architecture to guarantee Africa’s rightful representation.
At the plenary session, Russian President Vladimir Putin described Russia and Africa as natural allies in building a just multipolar world order, reaffirming his country’s commitment to expanded diplomatic engagement and greater African representation in global institutions.
The African Union Chairman and President of Burundi, Evariste Ndayishimiye, said Africa would not replace one form of subordination with another, stressing the importance of independent cooperation.
He identified the 2027–2029 Action Plan as an opportunity to address infrastructure gaps through technology transfer and talent development, while transforming Africa from an aid recipient into an independent global actor.
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