It is part of the agreements reached during a meeting between President Muhammadu Buhari and Russian President Vladimir Putin in Sochi, Russia, on Wednesday.
The agreement was reached during a bilateral meeting held on the sidelines of the ongoing Russia-Africa Summit.
A statement by the President’s Senior Special Assistant on Media and Publicity Malam Garba Shehu said the two leaders agreed to start new infrastructure projects and expand trade and investment, as well as strengthen security and military cooperation.
Nigeria and Russia will work together to improve the efficiency of Nigeria’s oil sector, which will see to rehabilitation of the oil refineries through a joint venture between Nigerian National Petroleum Corporation (NNPC) and Russia-based Lukoil.
Both NNPC and Lukoil will work towards prospection of oil in deep offshore.
Nigeria and Russia also agreed to revive and solidify the venture between the NNPC and Russia’s gas giant Gazprom for the development of Nigeria’s enormous gas potential and infrastructure.
The Russia government agreed to support the development of Nigeria’s rail infrastructure by constructing 1,400 kilometres track from Lagos to the South-South city of Calabar.
There was also discussion on the advancement of an ongoing project for the establishment of a nuclear power plant in Nigeria. According to President Putin, the next step in the implementation of the project should be the commencement of construction of a power plant.
On security and military cooperation, President Buhari agreed to renew Nigeria-Russia Military Technical Agreement.
Buhari said: “I have directed the Minister of Defence to work with the Ministry of Justice to conclude this matter within the shortest possible time.”
This military cooperation agreement, the statement said, will enhance the direct procurement of military hardware on a government-to-government basis at a lower cost.
Putin also agreed to support the training of military personnel and modernisation of infrastructure and equipment.
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