Business Hilights
Tracking Nigeria's Headline Business News Online

Revealed: Russia would have signed aviation deal with Nigeria but turned to Egypt

Indications have emerged pointing out that the recent Aviation development deal sealed by Russia federation with Egypt would have been a Nigerian deal, but for certain issues bordering on Nigeria’s aviation industry.

Some of the factors that failed Russia’s test on Nigerian aviation industry include lack of a functional national carrier and deep pocket airlines. Egypt Air remains one of the strongest in the continent and several local airlines in Egypt have certifications to fly many money spinning global destinations.

Business Hilights gathered further on Sunday that Russia seemed to have joined China to penetrate African economy, but wishes to start from the aviation support and partnership before entering the iron and steel development, an area Russia federation is key at the global space.

However, following efforts to expand trade and business to Africa, the Russian Export Centre (REC) had signed an agreement with the African Export-Import Bank (Afreximbank) in Cairo, Egypt to facilitate Russia’s Aviation Industry’s further penetration into the Continent.

Amaechi Seriika
Minister of Transportation, Chibuike Amaechi and Minister of State, Aviation, Capt. Hadi Sirika

President of Afreximbank, Mr Benedict Oramah, thanked the Russian Export Centre for joining the shareholders of the Bank and expressed confidence that this would serve as the basis for building long-term mutually beneficial relations.

Within the framework of the deal, which closed in December 2017, Anna Belyaeva, the Managing Director for International Development, REC, and Rene Awambeng, the Director of Global Customer Services, signed a letter of intent to organise a business mission of Russian Aviation Industry enterprises to Africa.

The business mission is planned for April, this year, with visits to countries such as Kenya (Nairobi), Uganda (Kampala) and Nigeria (Lagos and Abuja).

In accordance with the agreement, leading Russian enterprises in the field of civil aircraft and helicopter construction, as well as manufacturers of air traffic control equipment, will organise meetings with relevant ministries and departments, local airlines and financial institutions to promote the Russian Aviation Industry products on the African market.

It would be recalled that the Afreximbank was founded in 1993 in Abuja (Nigeria) with authorised capital of five billion dollars.

The main objective of the bank is to develop and promote trade between African countries and outside the Continent.

Headquartered in Cairo, it has regional offices in Côte d’Ivoire, Nigeria, Kenya and Zimbabwe.

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