OREANDA-NEWS. June 24, 2009. It will be the first visit of the Russian President to Nigeria. Nigeria will be the first country Medvedev will visit in the framework of his current tour of Africa.

“The objective of the visit is to give a new impulse to the cooperation with Nigeria,” says the presidential assistant Sergey Prikhodko.

Nigeria plays an important role in the African affairs and enjoys high economic potential due to its huge reserves of precious metals, oil and gas.

Since Nigeria is member of OPEC and GECF, it would be useful to discuss with that country ways to ensure global energy safety and international cooperation mechanisms to overcome the global financial-economic crisis.

In Abuja Medvedev will meet with the Minister of Foreign Affairs as well as with President of Nigeria Umaru Musa Yar’Adua. He will also lay flowers to the Independence Memorial.

The parties will adopt a joint communiquй and will sign a number of documents. One of them is agreement for establishment of a joint venture by Gazprom and Nigerian National Petroleum Corporation. Gazprom reports that the JV will be established on a parity basis for implementing joint projects in the field of mining and transportation of oil and gas and development of systems for collection and processing of associated gas. Gazprom may invest as much as \\$2.5bln in these projects.

The parties are also drafting a framework agreement for cooperation in the field of peaceful use of nuclear energy. This agreement will enable Russia to take part in tenders and projects abroad in compliance with the IAEA’s requirements.

The parties will also sign an agreement on encouragement and mutual protection capital investments as well as cooperation memorandums between the justice ministries and the Russian Federal Space Agency and the National Space Research and Development Agency of Nigeria.

The press service of the President reports that in the last years the trade-economic cooperation with Nigeria has been gaining momentum and that the Russian business circles are interested in entering the markets of that big African country.

Today, Nigeria is the second biggest partner of Russia (after South African Republic) in Africa (southward from Sahara). In 2008 the Russian0-Nigerian trade turnover almost redoubled to \\$300mln. Russia is among the top ten foreign trade partners of that country.

In Russia Nigeria enjoys the most favored nation treatment, particularly, the benefits of the system of national preferences – 25% lower taxation than stipulated by the most favored nation treatment.  

The presidents of Russia and Nigeria will also discuss the prospects of cooperation in the fields of culture and education. Russia has trained over 10,000 Nigerian specialists so far: some 350 graduates a year.

Special attention will be paid to peacekeeping activities in Africa and search for ways to resolve local conflicts.

Nigeria may also ask Russia to support its candidacy for membership in UN Security Council.