Foreign Minister Yusuf Tuggar says Nigeria will prioritise its national interests and not succumb to external pressure regarding cooperation with Russia.

Mr Tuggar said this in an interview with Sputnik during his three-day working visit to Russia from March 5 to 7.

“You have to understand one thing: Nigeria is not the sort of country that succumbs to pressure. We have been single-minded since inception. We joined the non-aligned movement since we became independent in 1960.

“We do what we feel is right for us as a country. We are not dictated to by anyone,” Mr Tuggar said.

The minister stated Nigeria welcomed alternatives to the SWIFT payment system, including a Russian analogue — the Financial Messaging System of the Bank of Russia (SPFS).

He gave an assurance that Nigeria could consider using them if they satisfy its national interests.

“This (SPFS) is a very interesting system. It is welcome. You know, the more the merrier, as they say. It doesn’t mean that SWIFT is not a good system, but if there are other alternatives, Nigeria would consider (them) … It’s something that we will look at,” added Mr Tuggar.

“And if it’s in our interest to engage in it, we will for sure,” the minister said when asked to comment on the creation of SPFS and the possibility of Nigeria joining it.

SWIFT is the world’s main international payment system, exchanging millions of messages a day.

In 2014, after the first wave of Russian sanctions, several countries launched work on developing their payment systems.

The Bank of Russia has created the SPFS system to transmit financial messages within and outside the country, while China has launched the Cross-Border Interbank Payment System.

(Sputnik/NAN)