President Muhammadu Buhari has returned to the country after a three-day visit to Sochi, Russia.
The President left the country on October 21 to attend the Russia-Africa summit alongside over 30 African leaders.
The summit which was well attended by other world leaders focused on exploring and expanding opportunities in security, trade and investment, science and technology, and gas production.
President Buhari on October 23, held bilateral talks with President Vladimir Putin of Russia where both leaders agreed to put Nigeria-Russia relations on a fast track, and pursue the completion of partially completed and abandoned projects initiated by both countries.
They also agreed to start new infrastructure projects and expand trade and investment, security and military cooperation.
In statements made by both leaders, Nigeria and Russia will work together to improve efficiency of Nigeria’s oil sector, which is the backbone of the economy, in a way that will see to rehabilitation of epileptic oil refineries through establishment of framework for a joint venture between Nigerian National Petroleum Corporation (NNPC) and Russia-based leading oil company, Lukoil.
NNPC and Lukoil will work towards the prospection of oil in deep offshore.