Imports From Russia Rises to N39bn Amid Warfare – Report

The Nationwide Bureau of Statistics report has disclosed that Nigeria imported N39.68bn price of products from Russia, representing about 85 per cent enhance amid the assaults on Ukraine.

The entire imports from Russia hit N21.84bn in Q2 2022, an enormous enhance from N8.98bn in Q1 2022.

The international commerce report additionally confirmed that solely N1.71tn price of products was imported from Russia within the third quarter.

This was a decline of 92.17 per cent from the N21.84bn imports recorded within the second quarter.

By the fourth quarter, Nigeria imported N7.15bn price of products from Russia, a rise of 318.13 per cent from the earlier quarter.

Additionally Learn: Global Growth Drops to 2% in 2023, Says World Bank

In Q1 2022, Nigeria imported N6.27bn herrings and N2.77bn blue whiting from Russia, whereas by Q2 2022, the nation imported N13.39bn blue whitings, N7.21bn herrings, and N1.25bn malt.

By Q3 2022, Nigeria imported N1.19bn jack and horse mackerel and N517.90m sulphur, whereas in This autumn 2022, Nigeria imported N1.73bn Mackerel and N5.42bn Herrings from Russia.

Final 12 months, a professor of Economics and Public Coverage on the College of Uyo, Akpan Ekpo, mentioned if the battle between Russia and Ukraine continued, Nigeria’s imports from the 2 international locations is perhaps affected.

He added that this could possible result in inflation and extra hardship for Nigerians.

He mentioned, “If Nigeria can’t import wheat anymore or different merchandise that we import from Russia as a result of sanctions, it is rather possible like the costs of merchandise created from wheat or with wheat will rise within the medium to long run. This, after all, will enhance inflation and create extra hardship for the common Nigerian.”

He burdened the necessity for the nation to spice up home wheat manufacturing to satisfy up with native consumption and export alternatives.

Nevertheless, Russia nonetheless stays a topmost provider of fish, notably herrings, blue whiting and mackerel to Nigeria.

Moreover, whereas Nigeria has been importing from Russia, import from Ukraine appears to be considerably affected because the NBS report has no report of any import from Ukraine.

Talking on the potential motive for the rise in imports from Russia, a growth economist, Aliyu Ilias, defined that Nigeria has to extend its imports from Russia, which has been a significant buying and selling accomplice.