Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,990,019 members, 7,279,997 topics. Date: Saturday, 28 January 2023 at 08:22 AM

Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War (18827 Views)

Fire Near Relief Market, Onitsha, Market And Other Buildings At Risk / Nigeria Imports 9000MT Of Stockfish From Norway / Cyber-attacks: ‘N150bn Depositors’ Monies At Risk’ (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by adenigga(m): 3:51am On Mar 01, 2022
The value of Russia’s imports to Nigeria over 12 months period is estimated at N993.38bn, data from the National Bureau of Statistics have shown.

Specifically, the NBS statistics put the value of imports from Russia between the third quarter of 2020 and the corresponding period in 2021 at 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 imported four main items from Russia, namely durum wheat, herrings, blue whitings, and mackerel, according to the report.

In Q3 2020, durum wheat worth N46.56bn, mackerel worth N13.76bn, and blue whitings worth N1.57bn were imported from Russia.

During the quarter, Russia was the second leading exporter of durum wheat to Nigeria, the first for mackerel, and the third for blue whitings.

The foreign trade statistics document from the NBS further showed that the total imports from Russia were N154.21bn cumulatively, about 2.87 per cent of Nigeria’s import trade value for the period, with[b] Russia being the seventh import trading partner for Nigeria.[/b]



Russia maintained its position as the seventh import trading partner for Nigeria in Q4 2020 with an import trade value of N162.62bn cumulatively, which was 2.74 per cent of the country’s total import trade value.

In Q4 2020, durum wheat worth N62.9bn, mackerel worth N2.27bn, and herrings worth N6.59bn were imported from Russia. Also, Nigeria imported N4.82bn vaccines for human medicine from Russia.

Russia was the top exporter of wheat to Nigeria, the second for herrings, and the third for mackerel in Q4, 2020. It was the fifth import trade partner for vaccines for human medicine.

By Q1 2021, Nigeria imported N15.8bn herrings and N37.20bn durum wheat from Russia. Russia was the top import trading partner for herrings and fourth for wheat.

Nigeria imported N27.23bn blue whitings and N4.18bn mackerel from Russia in Q2 2021. Russia was not mentioned among Nigeria’s top wheat providers for this quarter.

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.

In Q3 2021, durum wheat worth N86.75bn and mackerel worth N30.69bn were imported from Russia.

Russia was the top importer of mackerel for Nigeria and second for durum wheat in this quarter.

A total of N232.41bn was spent on durum wheat imports from Russia, and N102.09bn on fishes, such as herrings, blue whitings, and mackerel.


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.

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

Experts predict inflation, others over import disruptions


Meanwhile, economic analysts and experts have said Nigerians may experience a further rise in inflation over possible disruption in the import of wheat, fish, and other commodities from Russia and Ukraine.

A professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, said if the conflict between Russia and Ukraine persists, Nigeria’s imports from the two countries may be affected.

He added that this would likely lead to inflation and more hardship for Nigerians.


He said, “If Nigeria can’t import wheat anymore or other products that we import from Russia due to sanctions, it is very likely like the prices of products made from wheat or with wheat will rise in the medium to long term. This of course will increase inflation and create more hardship for the average Nigerian.”

He stressed the need for the country to boost domestic wheat production to meet up with local consumption and export opportunities.

He said, “Definitely, the war will have negative impacts, economically. But with every crisis, there is always an opportunity.

“In this case, the upside for Nigeria is that we exploit this problem by intensifying our local wheat production so that we don’t depend on imports. If we do it rightly, we will not only be able to meet our local demands but we can boost our trade earnings by exporting wheat to countries that were dependent on Russia or Ukraine for their wheat.”

According to the President, Premium Bread-Makers of Nigeria, Emmanuel Onuorah, if the crisis persists, Nigeria may have to turn to other trade partners for the affected commodities.

He said, “Certainly. It will affect the wheat price and its availability. It will affect it because the international price of oil has spiked. You (Russia) can’t export anything because all the export channels are shut. The quantum that is coming from Russia will certainly impact wheat supply to Nigeria, but you know Nigeria does not only buy from Russia, but they also buy from Canada, they buy from the US, and from Brazil.”
https://punchng.com/Nigerias-N993.38bn-imports-from-Russia-at-risk-over-war

2 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by stixxy(m): 3:57am On Mar 01, 2022
What difference does it make? War or no war. There have been scarcity of these same services and goods. Its been hell here in nigeria irrespective of our enviroment or locality. Only God can save us

31 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by HitSong: 3:57am On Mar 01, 2022
A very USELESS country with senile corrupt AWUSA-FOOL ani government deserves to suffer too.
Make Putin even send nukes to aso...

59 Likes 4 Shares

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by HitSong: 3:58am On Mar 01, 2022
stixxy:
What difference does it make? War or no war
U nor dey sleep?

3 Likes 3 Shares

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by YinkaOlusesi16(m): 4:15am On Mar 01, 2022
With the way things are going now, if there is no wheat to produce flour again, nigerians will start buying bread of 200 naira for 1k.

45 Likes 2 Shares

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Theboy21: 5:24am On Mar 01, 2022
Soon bread will be up to 1K damn...

5 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by FERNANDEZISBACK: 5:26am On Mar 01, 2022
Those Putin's puppet clamouring for war and hyping Putin should face the heat..you forgot their nonsense was gonna affect you guys?
You forgot sanity and kept hyping Putin's unwarranted invasion...no hate here just karma or what do y'all think..?

Nigerians enjoy yourself.... y'all are great survivors..keep surviving.. wink

33 Likes 2 Shares

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Edoreborn: 5:26am On Mar 01, 2022
And so?
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Princelumide: 5:27am On Mar 01, 2022
gobe.... lipsrsealed
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Bulldozer90: 5:27am On Mar 01, 2022
That's why Nigeria is a kinda neutral
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Pele10: 5:27am On Mar 01, 2022
And nigeria will take advantage of this and make life more difficult for the common man, and sky rocket the prces of comodities produce from wheat.

13 Likes 2 Shares

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Aboks(m): 5:28am On Mar 01, 2022
Very useless country

4 Likes 1 Share

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by oshonky: 5:29am On Mar 01, 2022
So it’s Russia that we import wheat from �‍♂️�

5 Likes 1 Share

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by blamingthedevil: 5:29am On Mar 01, 2022
There are always alternatives, mind you , we can start to produce those we can which will better our economy and create jobs.

We should not have headache about imports rather, how to be productive for the betterment of the economy

10 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by tradepunter: 5:30am On Mar 01, 2022
Nigeria always at the mercy of other countries... Very tiring

8 Likes 1 Share

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Adabestseason(m): 5:31am On Mar 01, 2022
Home-grown economy is the best

1 Like

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by secnelly: 5:32am On Mar 01, 2022
3% import. Is it worth the analysis or you also think its avenue to embezzle funds?

I fear those figures.

4 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by chidiebere2020(m): 5:34am On Mar 01, 2022
Ok
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by gulfer: 5:36am On Mar 01, 2022
Why not import from elsewhere or must we eat Russian wheat, herrings etc,

3 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Nobody: 5:37am On Mar 01, 2022
The truth is this: If Russia eventually wins this war, more nations will lie behind Russia including Nigeria. I am not pro Putin, please, read my past posts before you concluded. Another truth is that at this present state, Nigeria herself prefers Russia because she gains more there.

Again, more nations will approach Russia for nuclear weapon programs. It is getting clearer the powerful nations want it for themselves. With what has happened to Ukraine, would you blame N.Korea and Iran?

China has openly declared support for Russia. More nations will especially the Arabs and more Asians China has influence over. African countries who seek refuge in Russia whenever the world power denies them of what they want will swap too.

I see two world powers emerging from this war: The US and Russia/China. The rest of the story, I do not know, but Bible's prediction is beginning to make more sense.

7 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by sanerugwei: 5:37am On Mar 01, 2022
He that fails to plan, plans to fail.

Let them convert sambisa forest to large wheat farm with repentant boko as wheat farmers.. shocked shocked

9 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by StudentsNG: 5:38am On Mar 01, 2022
What I see is huge opportunity.
Our country should be ashamed of importing certain things - even Wheat?
How could Agro-ventures be folding in face of such import numbers?
I'm open for business if you have ideas or own a productive means around any of the listed import-goods.

Inbox me, thanks smiley

2 Likes 1 Share

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by GardenOfGod(m): 5:42am On Mar 01, 2022
Who cares... Imports that doesn't benefit the common man... Imports for corrupt elite!

4 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by TA4TA4: 5:46am On Mar 01, 2022
Scary though..... Trust Nigerian wheat merchants to start hoarding it already

1 Like

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Ogaga87(m): 5:49am On Mar 01, 2022
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by sulaak(m): 5:53am On Mar 01, 2022
Seriously, can't Nigeria easily produce the products

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

1 Like

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Yureyes: 5:55am On Mar 01, 2022
Ok
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Blue86(m): 5:57am On Mar 01, 2022
A time will come.
The leaders we have, will know how to use what they have to provide for the people.

What as a beginning must end.
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by TOPCRUISE(m): 6:01am On Mar 01, 2022
These are the reasons why we should be self sufficient rather than relying on imports.
Nigerian companies can manage and produce all this billions of naira imports if properly funded.
All these can't be solved by a sitting President who is old. Yet another sick old man who is displaying mental difficulties wants to succeed him. Voting people like such will complicate issues

2 Likes

Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by Realdeals(m): 6:04am On Mar 01, 2022
Nigerians, not Nigeria, are largely unproductive. An import driven economy will remain stagnant.
Re: Nigeria’s ₦993.38 Billion Imports From Russia At Risk Over War by MANNABBQGRILLS: 6:04am On Mar 01, 2022
Russia was the top exporter of wheat to Nigeria, the second for herrings, and the third for mackerel in Q4, 2020. It was the fifth import trade partner for vaccines for human medicine.


Realdeals:
Nigerians, not Nigeria, are largely unproductive. An import driven economy will remain stagnant.
SECONDED!!
You've said it all man!

How we wish our youths can tap into Agriculture, like us @MANNABBQGRILLS.
AGRICULTURE : a goldmine waiting to be harvested.

Naija youths, WAKE UP!
Your destiny is in your hands.


#WeDidOurPart[.

4 Likes 4 Shares

(1) (2) (3) (Reply)

Stop Putting Old Notes In ATMs Or Face Penalty – CBN Warns Commercial Banks / Help: How Can I Collect Money Through Western Union Without ID Card. / MTN Makes $6.7bn In Six Months With A 21.5% Rise In Nig, 7% Loss In South Africa

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2023 Oluwaseun Osewa. All rights reserved. See How To Advertise. 134
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.