Russia has pledged to strengthen its economic ties with Nigeria, increasing trade beyond a billion dollars.<\/p>\n
This move comes as West Africa\u2019s 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.<\/p>\n
Russia\u2019s 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.<\/p>\n
He said areas of investment interest in the renewed commitment include Nigeria\u2019s upstream operations, infrastructure projects, and nuclear science and technology research.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
That way, it says the region will reduce its expenditure on imports.<\/p>\n
The target is to strengthen 15 initiatives that would embark on projects in the sector.<\/p>\n
Officials say the bloc will continue to encourage initiatives that aim to promote economic and socio-political development of the region.<\/p>\n
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