Abstract
The present study focuses on the issues of import substitution practices in Russia and Nigeria that can be useful in the current reality of the world economy. However, the Nigerian economy has great potential for import substitution in the current process of de-globalization. However, it is crucial to use the Russian experience. The study revealed that the comparison of Nigerian and Russian Soft drink markets is an excellent example of the drawbacks that can occur upon realizing protectionism governmental policies. Therefore, the paper recommends for import substitution policy that will promote economic diversification that supports local production and increases exports. The research concludes that import substitution policy can be successfully implemented if it is focused on economic growth and development of Small and Medium Scale Enterprises (SMEs) in the partnering countries.
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