To introduce this research paper regarding trade-economic relations between Russia and Nigeria, we will review the main theoretical approaches regarding foreign trade. Foreign trade is a trading of goods and services that are destined for a country other than their home country. In addition, it is about imports and exports. International trade or foreign trade is the exchange of capital, goods and services across the international borders or territories. In most countries, such trade represents a significant share of Gross Domestic Product (GDP). Therefore, international trade has been an area of interest to policy makers as well as economists. Therefore, in these work we are mainly going to focus on the possible ways in which Russia and Nigeria can benefit in trade relations and some other ways.