Nigeria’s N993.38bn Imports From Russia Faces Risk Over War

Atleast, imports from Russia to Nigeria between the 12 calendar months period, is estimated at N993.38bn, data from the National Bureau of Statistics have shown.

The NBS, has specifically, in its statistics record the value of imports from Russia between the third quarter of 2020 and the corresponding period in 2021 to worth sum of N993.38bn.

Russia is among Nigeria’s top 10 import trade partners between the third quarter of 2020 and the corresponding period in 2021. However, the N993.38bn trade is at risk as the Russia and Ukraine war persists.

Within the period under review, Nigeria has imported mainly, four items from Russia, namely durum wheat, herrings, blue whitings, and mackerel, according to what the report entails.

The foreign trade statistics document from the NBS further showed that the import from Russia was N284.36bn cumulatively, which was 4.09 per cent of the total import trade value, with Russia being the fifth import trading partner for Nigeria.

Russia dropped to the sixth import trading partner for Nigeria in Q3 2021 with an import trade value of N339.19bn cumulatively, which was 4.16 per cent of the total import trade value.

Meanwhile, Nigeria’s import from Ukraine is also at risk as the crisis persists, the Punch has learnt.

According to the United Nations Comtrade Database on International trade in 2020, Nigeria spent $156.08m on imports from Ukraine. The database also showed that import from Russia was $1.24bn for that year.

Peeping from the way of things, Nigeria may be forced to shift attention to other countries for importation of commodities like cereals, mineral fuel, oil distillation products, fish, iron and steel, fertilizers, amongst others.