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Nigeria Risk Losing ₦993.38bn Imports From Russia

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Data released by the National Bureau of Statistics shows that the value of Russia’s imports to Nigeria in the last 12 months stands at ₦993.38bn.

According to NBS, the value of importation in Nigeria from Russia between the third quarter of 2020 and the third quarter of 2021 was estimated at ₦993.38bn

Trade between Nigeria and Russia is at risk if Russia and Ukraine war persists.

The data disclosed that within the period of importation Nigerians imported four main items from Russia, namely durum wheat, herrings, blue whitings, and mackerel.

In the third quarter of 2020, durum wheat worth ₦46.56bn, mackerel worth ₦13.76bn, and blue whitings worth ₦1.57bn were imported from Russia.

Russia at that time of the year 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 ₦154.21bn cumulatively, about 2.87 per cent of Nigeria’s import trade value for the period, with Russia being the seventh import trading partner for Nigeria.

Russia in the fourth quarter held the seventh import trading partner for Nigeria with an import trade value of ₦162.62bn cumulatively, which was 2.74 per cent of the country’s total import trade value.

In Q4 2020, durum wheat worth ₦62.9bn, mackerel worth ₦2.27bn, and herrings worth ₦6.59bn were imported from Russia. Also, Nigeria imported ₦4.82bn 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 the fourth quarter, 2020. It was the fifth import trade partner for vaccines for human medicine.

By the first quarter of 2021, Nigeria imported ₦15.8bn herrings and ₦37.20bn durum wheat from Russia. Russia was the top import trading partner for herrings and fourth for wheat.

Nigeria imported ₦27.23bn blue whitings and ₦4.18bn 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 ₦284.36bn 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 the third quarter of 2021 with an import trade value of ₦339.19bn cumulatively, which was 4.16 per cent of the total import trade value.

In the third quarter of 2021, durum wheat worth ₦86.75bn and mackerel worth ₦30.69bn were imported from Russia.

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

A total of ₦232.41bn was spent on durum wheat imports from Russia, and ₦102.09bn on fishes, such as herrings, blue whitings, and mackerel.