Russia has pledged to strengthen its economic ties with Nigeria, increasing trade beyond a billion dollars.

This move comes as West Africa’s regional bloc, the Economic Community of West African States (ECOWAS), has secured an 18 million Euro grant from a French Development Agency, to fund new projects in the region.

Russia’s Ambassador to Nigeria, Andrey Podelyshev made the commitment at an event in Abuja, where he said there has been a stagnation in economic relations between both countries for about a decade.

He said areas of investment interest in the renewed commitment include Nigeria’s upstream operations, infrastructure projects, and nuclear science and technology research.

To facilitate this, both countries say they are working to revitalise the Intergovernmental Commission on Economic Cooperation, aiming to fast-track bilateral projects between them.

On the other hand, the financial support from the French Development Agency is for the implementation of two projects in West Africa and the Sahel for agricultural and livestock development.

ECOWAS officials say the focus is to double production in the sector, and increase processing and consumption of local milk, among other things by up to 25% in 2035.

That way, it says the region will reduce its expenditure on imports.

The target is to strengthen 15 initiatives that would embark on projects in the sector.

Officials say the bloc will continue to encourage initiatives that aim to promote economic and socio-political development of the region.

–SABC–