The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, says it will begin B2B matchmaking for Nigerian companies ahead of a planned trade delegation to Moscow from 28th to 29th, as Nigeria and Russia seek to strengthen business-to-business ties.
Jani Ibrahim, NACCIMA national president, said the chamber is working with the Moscow Export team and the office of Kashim Shettima, vice president, who has agreed to lead the Nigerian delegation.
He noted that B2B engagements, rather than trade shows alone, would be the most important part of the visit.
Ibrahim said NACCIMA, with state chambers nationwide as well as bilateral and corporate members, is positioning Nigeria as Russia’s entry point to Africa.
“If you reach us, you also reach the rest of Africa,” he said, citing Nigeria’s membership of the African Continental Free Trade Area, which covers 1.4 billion people across 54 countries with duty-free access.
Read also:https://businessday.ng/news/article/renewed-optimism-powers-nigeria-manufacturing-growth-to-3-2/
The NACCIMA president added that the chamber is keen on digital transformation, youth entrepreneurship and women-led businesses as drivers of non-oil exports.
He also called for preferential interest rate regimes for exporters and explored the possibility of a preferential trade arrangement with Russia similar to Nigeria’s zero-tariff deal with China.
Ibrahim said services now account for about 54 percent of Nigeria’s GDP and that Nigeria has the highest number of unicorns in Africa.
With a median age of about 18 years, he described Nigeria’s population as “digital natives” and said NACCIMA would share member requirements with Moscow ahead of the visit to ensure targeted business meetings.
Michael Olawale-Cole, NACCIMA deputy president and former LCCI president, said the upcoming Russia’s visit was coming at the right time as countries realign trade relationships amid global shifts.
“People are trying to find out new business partners. People are now trying to find out who to do business with.”
“And the world is changing. So you have come at a very good time for Nigeria. And you have come at a time when Nigeria is doing very well.”
Olawale-Cole said Nigeria’s economy was now more predictable due to ongoing reforms and stability in fiscal and monetary policies.
He noted that on his flight from the U.K. on Monday, he met investors from the U.S., U.K. and Europe who were also coming to Nigeria to tap new opportunities.
“You need to take your right place now at a time like this when the economy is getting a lot better and getting more stable.”
He urged Russian companies to work through NACCIMA as the umbrella body for all chambers in Nigeria to ensure protection and credibility.
He pledged NACCIMA’s support, working with the Lagos Chamber of Commerce, to link Russian businesses to credible Nigerian partners.
In his response, Vitaly Stepanov, CEO of the Moscow Export Center, said Moscow accounts for a significant share of Russia’s exports and is keen to deepen economic ties with Nigeria.
He noted that 20 percent of all exporting companies in Russia are registered in Moscow, while the city accounts for 25 percent of Russia’s non-resource energy exports and over 40 percent of Russia’s services exports, including IT.
“We also have a major role in trade with Nigeria, because 50 percent of overall Russia’s export to Nigeria comes from Moscow-based business,” he added.
Stepanov said the Moscow Export Center was established in 2017 to build economic ties between Moscow-based companies and foreign partners through education, exploration programmes and business missions.
The center participated in GITEX Nigeria and in 2023 hosted a reverse business mission for Nigerian companies in Moscow.
It currently has nine representatives abroad, including one in Egypt, and plans to expand its presence in Africa. The agency also facilitates e-commerce and offers financial support, including export grants and preferential loans at deducted interest rates.
He said the center is ready to share brand books of more than 16,000 exporting Moscow companies across IT, medical, pharma, food, textiles and creative industries. Its client base covers about 5,000 companies. Stepanov proposed distributing the catalogs to NACCIMA members, holding an online educational event to link businesses, and signing an MoU to formalize cooperation.
He said the center would organize B2Bs and city tours, and will include interested Moscow companies in the official business delegation based on feedback from Nigerian firms.
He added that the Moscow Export Center, which marks 9 years this month, is Russia’s leading regional export agency and is ready to share expertise.
He also highlighted opportunities in youth employment and creative industries. Through its “Start in Moscow” project, graduates and specialists can be employed in Moscow companies.
On creativity, Stepanov said Moscow recently opened a video games development cluster and will host International Video Games Development Week from 29th October to 1st November, alongside other events like Moscow Fashion Week and Moscow Film Festival.
“Maybe NACCIMA could consider gathering video game developers in the delegation so that we could show them around the cluster,” he said.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
Facts Only
* NACCIMA will begin B2B matchmaking for Nigerian companies ahead of a trade delegation to Moscow on the 28th and 29th.
* Jani Ibrahim, NACCIMA national president, is working with the Moscow Export team and Kashim Shettima, vice president, who will lead the delegation.
* B2B engagements are prioritized over trade shows for the planned visit to Russia.
* NACCIMA positions Nigeria as Russia’s entry point to Africa, citing membership in the African Continental Free Trade Area.
* NACCIMA prioritizes digital transformation, youth entrepreneurship, and women-led businesses for non-oil exports.
* The chamber explored preferential interest rate regimes for exporters and potential trade arrangements with Russia similar to Nigeria's zero-tariff deal with China.
* Services account for approximately 54 percent of Nigeria’s GDP.
* Nigeria has the highest number of unicorns in Africa, with a median age of about 18 years, described as "digital natives."
* Vitaly Stepanov, CEO of the Moscow Export Center, noted that 50 percent of Russia’s export to Nigeria comes from Moscow-based businesses.
* The Moscow Export Center was established in 2017.
* The center facilitates e-commerce, export grants, and preferential loans for companies.
Executive Summary
Full Take
The narrative frames the impending trade visit not merely as an opportunity for transactional deals but as a strategic alignment of economic interests under changing global conditions. The emphasis on B2B engagement suggests an understanding that physical goods are secondary to establishing structural partnerships, particularly leveraging Nigeria's position as an African gateway. This reflects a shift in economic strategy where intangible assets—digital expertise, youth-driven enterprises, and the service sector—are being advanced as competitive differentiators rather than relying solely on traditional commodities.
The push for preferential trade terms echoes a broader theme of seeking favorable, equitable economic positioning amidst shifting geopolitical landscapes. The interaction between NACCIMA's focus on nurturing domestic innovation (unicorns, digital natives) and the external outreach to Russia suggests an attempt to secure developmental partnerships that enhance Nigeria’s leverage within the wider African context. The dynamic revealed by the Russian Export Center's involvement—where Moscow is deeply embedded in Nigerian trade flows—indicates a pattern where regional economic integration provides tangible entry points for international engagement. The core tension lies between the stated ambition for sovereign business deals and the reliance on established institutional channels (like NACCIMA) to facilitate these interactions, raising questions about whose interests are being prioritized in the resulting agreements and how much agency is truly retained by local stakeholders during high-level economic negotiations.
Bridge Questions: What mechanisms can be established to ensure that B2B matchmaking translates into sustainable investment flows rather than temporary engagements? How does the push for preferential regimes balance the needs of export-focused companies against domestic industrial development goals? What are the long-term implications for Nigeria's sovereignty when positioning itself as a continental entry point?
Sentinel — Human
The text appears to be a synthesis of reported statements regarding a bilateral business initiative between Nigeria and Russia, grounded in specific organizational roles and economic context.