Nigeria Pushes for Local Currency Trade and Russian Investment at Moscow Summit

​Nigeria has urged a decisive transition from political rhetoric to actionable economic partnerships with Russia, advocating for independent local currency settlement mechanisms to boost bilateral trade.

​Speaking at the Third Russia-Africa Summit held at the Grand Kremlin Palace in Moscow, the Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, emphasized that future relations must yield tangible outcomes in technology transfer, infrastructure, and investments. Leading the Nigerian delegation on behalf of President Bola Ahmed Tinubu, Enikanolaiye stressed the necessity of enhanced cross-border payment structures and improved banking frameworks to streamline financial exchanges.

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​Highlighting Nigeria’s position as Africa’s largest market and a strategic gateway under the African Continental Free Trade Area (AfCFTA), the minister invited Russian enterprises to explore high-potential sectors including energy, solid minerals, agriculture, manufacturing, pharmaceuticals, and digital infrastructure. He further cautioned against the continent remaining a passive consumer of foreign technology, pushing instead for collaborative advancements in artificial intelligence, cybersecurity, and indigenous technological capacity.

​Addressing regional stability, Enikanolaiye reaffirmed Nigeria’s dedication to security cooperation while underlining that counter-terrorism and anti-crime frameworks must remain rooted in African-led solutions. The summit concluded with strong backing for a structured 2027–2029 Action Plan designed to ensure measurable benchmarks and sustainable development across member states.