Trade between Nigeria and Russia valued at over $2 billion is at risk as the war between Russia and Ukraine intensifies. Nigeria also stands the risk of suffering from significant food shortages and uptick food inflationary pressure, following the war, which broke out last Thursday.
The war started after the President of Russia, Vladimir Putin ordered the invasion of his troops into Ukrainian territories, thereby causing several casualties in the area having camped at Ukrainian borders for weeks.
Russia happens to be a powerhouse in the global economy, being one of the largest exporters of crude products, coupled with its impact in the energy sector, representing one of the biggest producers of natural gas in the world. Russia is also big on commodity exports.
The recent invasion by Russia has led to various sanctions by the western economies, with trade and other agreements put on hold.
Meanwhile, the recent sanctions are expected to affect Nigeria’s import capacity as Russia also plays an important role in our international trade.
Although refined petrol product accounts for most of Nigeria’s import bill, a major item that is ever-present on the list of top import items is durum wheat, which is mostly imported from Russia.
On the other hand, while Russia is a major trade partner with Nigeria, Ukraine has also been involved in trade with Nigeria in the past, as it imported milk preparation worth N721.45 million in Q1 2021, according to information from the NBS.
Nigeria is a huge consumer of wheat products, with its local production only accounting for just 1% of the 5 to 6 million metric tons consumed annually, while we rely on importation to meet local demands.
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