The Ambassador of Russian Federation in Nigeria, Andrey Leonidovich Podelyshev, has revealed that despite the challenges imposed on the country by rival nations, the country’s economy has continued to grow from strength to strength. The Ambassador, who spoke in a press conference at the Russian Embassy in Nigeria, yesterday highlighted that Russia’s economic achievements and technological advancements demonstrate the country’s progress in various sectors.
As Russia celebrates its national holiday, Russia Day, the Ambassador took the opportunity to acquaint the Nigerian business community with Russia’s growth story. According to the Ambassador, Russia’s economy has demonstrated dynamic growth, with a nominal GDP exceeding $2.5 trillion in 2024. The country’s GDP at purchasing power parity reached almost $7 trillion, ranking 4th in the world, as confirmed by the International Monetary Fund.
Russia’s foreign trade turnover in 2024 is estimated at $717 billion, with a positive foreign trade balance exceeding $150 billion. The Ambassador noted that Russia has reduced its dependence on the dollar in foreign trade operations, with the share of settlements in national currencies reaching 65% in 2024, including those with the BRICS countries.
As of April 1, 2025, Russia’s external debt is estimated at $312 billion, which is only 14% of its GDP. Russia’s inflation rate was around 10% in 2024, but a downward trend has become evident this year, thanks to measures taken by the Central Bank and the Government. The unemployment rate in Russia has also reached a record low of 2.6% since the early 1990s.
Russian industry has shown resilience and adaptability to changing economic conditions, with production increasing by 4.6% in 2024, mainly due to the manufacturing sector. The machine-building industry has made a significant contribution to this result, with the output of high-tech products increasing by almost 20%. Russia is also a pioneer in space exploration, with plans to increase the number of missile launches to 40 per year and having launched 99 spacecraft in 2024.
The country has made significant progress in aircraft engineering, with a comprehensive program for the development of the air transport industry until 2030. The program provides for producing more than a thousand aircraft, over 760 helicopters, and about 5 thousand engines for them. The automobile industry in Russia is also developing dynamically, with the production of passenger cars reaching 756 thousand units in 2024.
Russia has a total installed electricity generation capacity of 269 GW, with thermal power plants accounting for 65.2% of the installed capacity. The country has 100% access to electricity, and the electricity production amounted to about 1200 terawatt-hours in 2024. Russia has also been the world leader in nuclear power and nuclear technology for many years, with 400 enterprises and organizations employing over 250 thousand people.
The Ambassador highlighted that Russia ranks among the top 3 oil producers, occupying about 10% of the world market. The country also ranks first in natural gas reserves and second in natural gas extraction. Russia has created its petrochemical industry from scratch over 25 years, which ranks third in the world in terms of production.
In agriculture, Russia is one of the world’s leaders and has made significant progress in food production. The production of vegetable oils has doubled over the past 8 years, and grain exports reached a historical record of 72 million tons in 2024. More than 160 countries purchase Russian food products, including Nigeria, which imported more than 1 million tons of Russian grain in 2024.
The Russian IT-market continues to grow, with IT-industry contribution to the country’s GDP estimated at 2.43% in 2024. Russian companies’ sales growth in the domestic market has been above 30% over the past three years. Russia was also put in the top 10 countries in terms of total computing capacity using artificial intelligence in 2024, with more than 1,000 companies and over 90 research centers engaged in developing artificial intelligence.
The Ambassador’s presentation showcased Russia’s resilience and growth, highlighting the country’s progress in various sectors. As Russia continues to develop its economy and technology, it is clear that the country is poised for a promising future. The Nigerian business community can learn from Russia’s experiences and explore opportunities for collaboration and growth.
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