President Muhammadu Buhari of Nigeria and his Russian counterpart, Vladmir Putin, held bilateral talks on the sidelines of the ongoing Russia-Africa Summit, in Sochi, Russia.
Here are the takeaways from what both leaders discussed:
1..Developing Nigeria’s enormous gas potential and infrastructure
Russia will be playing a significant role in further developing Nigeria’s huge oil and gas industry.
Russia will help revive Nigeria’s moribund oil refineries through the establishment of a framework for a joint venture between the Nigerian National Petroleum Corporation (NNPC) and Russia-based leading oil company, Lukoil.
Russia will also explore some of Nigeria’s oil in the deep offshore.
Nigeria and Russia also agreed to revive and solidify the venture between the NNPC and Russia’s gas giant, Gazprom, in order to develop Nigeria’s enormous gas potential and infrastructure.
2..Getting Ajaokuta steel plant back on its feet
The abandoned Ajaokuta steel company was also on the table when Putin met Buhari.
Buhari specifically requested that Russia and Nigeria enter a partnership on a government-to-government basis for the revival of the million dollar plant.
Putin accepted Buhari’s proposal in this regard.
On the protracted Aluminum Smelter Company of Nigeria (ALSCON) in Ikot-Abasi, Akwa-Ibom State, President Buhari said that he had asked the Ministry of Justice “to submit a comprehensive report on the UC Russel (the Russian owners of the plant) matter...I want to assure you that the aim of our reforms is to ensure such investments are concluded and actualized in a professional and painless manner.”
3..Developing Nigeria’s rail sector
Russia also agreed to develop Nigeria’s rail infrastructure by constructing a 1,400km rail line from Lagos to the South-south city of Calabar in Cross River State.
4..A Nuclear power plant
Talks were also finalized on the establishment of a nuclear power plant in Nigeria.
According to Putin, the next step in the implementation of the project should be the construction of the plant.
5..Education and Agriculture
Both presidents also agreed to enter a partnership on education and agriculture.
The Russian leader said his country will award more scholarships to Nigerians.
6..Security and military cooperation
On security and military cooperation, President Buhari agreed to renew the Nigeria-Russia Military Technical Agreement which had lapsed within a short time, saying: “I have directed the Minister of Defence to work with the Ministry of Justice to conclude this matter within the shortest possible time.”
The military deal is expected to foster cooperation in direct procurement of military hardware on a government-to-government basis at a lower cost.
Russia will also train Nigeria's military personnel and modernize the armed forces of the West African nation.
Putin also promised Nigeria aid in equipment and infrastructure for the military.
7..What was said in bits and pieces
During the talks, President Buhari said: “There are many similarities between Russia’s journey and your leadership and Nigeria’s aspirations for the future. We can learn a lot from the experience of Russia’s ongoing reforms and transitioning from an oil dependent economy to a modern, diversified and inclusive economy.
“Russia has through reforms, successfully privatized a number of state owned entities which have now become global household names. This is especially so in energy, manufacturing, defense and the metallurgical sectors."
Putin added that "we can do a lot together."