Nigeria’s Import From Russia Falls By 92%

The foreign trade report of the National Bureau of Statistics for the third quarter of 2022 has shown that only N1.71 trillion worth of goods were imported from Russia in the quarter.

This is coming after Nigeria’s imports from Russia crashed significantly, hitting their lowest this year, as the war in Ukraine continues.

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

Over the years, Nigeria’s two significant imports from Russia have been wheat and fish. This year, Nigeria has imported various types of fish from Russia.

Nigeria is yet to import durum wheat from the country, unlike in previous years.

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

By Q3 2022, Nigeria imported N1.19bn jack, horse mackerel, and N517.90m sulphur.

In September this year that amid attacks on Ukraine, Nigeria increased its imports from Russia by 143.21 per cent.

It was observed that the total imports from Russia hit N21.84bn in Q2 2022, a massive increase from N8.98bn in Q1 2022.

This initial increase was against the prediction that Nigeria’s imports from Russia might be at risk due to war.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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