The Nigerian government and its oil sector have benefited from the Africa-Russia Summit held in Sochi,Russia which was attended by the President of Nigeria, Muhammadu Buhari and other delegates.
The summit which ran from October 23-24 saw the Nigerian National Petroleum Corporation and the Russian leading Oil Company, Lukeoil signing a Memorandum of Understanding to elevate commercial relationship to a government-to-government backed partnership.
The Russian government has agreed “to improve the efficiency of our oil and gas sector which provides us with the much-needed capital to invest in our security, infrastructure and economic diversification programmes”.
While taking note of the agreement between NNPC and Lukeoil, President Buhari gave an assurance that his administration will “ensure this initiative is implemented within the shortest possible time.”
President Muhammadu Buhari had also gave President Vladimir Putin the assurance when he said ''Nigeria was prepared and willing to work with Russian businesses.
President Muhammadu Buhari is expected back to the Country today by well meaning Nigerians who are aware of the importance of his mission to Russia and the attendance of the African-Russia summit.
The Signing ceremony was witnessed by the Minister of State for Petroleum, Timipre Sylva, though this was not done at the front-end but backend of the African-Russian Summit.