Nigeria’s import from Russia crashes by 92%

Due to the ongoing conflict in Ukraine, Nigeria’s imports from Russia have dramatically decreased and reached their lowest level this year.

Only N1.71 trillion worth of commodities were imported from Russia in the third quarter of 2022, according to the National Bureau of Statistics’ foreign trade report, which was released last week.

From the N21.84 billion in imports reported in the second quarter, this represented a reduction of 92.17 percent.

Russia has always provided Nigeria with its two main imports: wheat and fish. Nigeria has imported a range of fish species from Russia this year.

In contrast to prior years, Nigeria has not yet imported durum wheat from that nation.

Nigeria imported N6.27 billion in herrings and N2.77 billion in blue whiting from Russia in Q1 2022, and N13.39 billion in blue whitings, N7.21 billion in herrings, and N1.25 billion in malt in Q2 2022.

Nigeria brought in N1.19 billion in jack and horse mackerel and N517.90 billion in sulfur by Q3 2022. According to PUNCH, Nigeria raised its imports from Russia by 143.21 percent in September despite attacks on Ukraine.

It was noted that overall imports from Russia increased significantly from N8.98 billion in Q1 2022 to N21.84 billion in Q2 2022.

This early rise went against the expectation that a conflict may endanger Nigeria’s imports from Russia. However, the economists’ prognosis is now finally being realized.

Akpan Ekpo, a professor of economics and public policy at the University of Uyo, had earlier in March warned that Nigeria’s imports from Russia and Ukraine might be impacted if the conflict between the two nations continued. He continued by saying that inflation and further misery for Nigerians were foreseeable outcomes.

He said, “If Nigeria can’t import wheat anymore or other products that we import from Russia due to sanctions, it is very likely 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.”

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He emphasized the necessity for the nation to increase domestic wheat output in order to keep up with local demand and take advantage of export potential. Between the third quarter of 2020 and the third quarter of 2021, one of Nigeria’s top 10 import trading partners was Russia. However, as it continues to wage war against Ukraine, the nation is slipping from this position.

Additionally, although Nigeria has been importing from Russia, it appears that imports from Ukraine have been severely hampered because the NBS data contains no records of any imports from Ukraine.