As tensions between Russia and Ukraine escalate, Nigeria has seen a surge in its imports from Russia, according to the latest foreign trade report from the National Bureau of Statitics (NBS).
Nigeria imported N39.68bn worth of goods from Russia in 2022, representing an 85 per cent increase from the previous year.
The surge in imports from Russia has been significant, with Nigeria importing N21.84bn worth of goods in Q2 2022, a massive increase from N8.98bn in Q1 2022.
However, the imports drastically declined in the third quarter, with only N1.71bn worth of goods imported from Russia, representing a decline of 92.17 per cent from the second quarter.
In the fourth quarter, Nigeria imported N7.15bn worth of goods from Russia, representing a 318.13 per cent increase from the previous quarter.
The goods imported by Nigeria from Russia include herrings, blue whiting, malt, jack and horse mackerel, and sulphur.
The surge in imports from Russia comes at a time when the conflict between Russia and Ukraine has been ongoing.
Last year, a professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, warned that if the conflict persisted, Nigeria’s imports from the two countries might be affected and subsequently lead to inflation and more hardship for Nigerians.
However, despite the warning, Nigeria’s imports from Russia have continued to rise. Russia remains a top supplier of fish, particularly herrings, blue whiting, and mackerel to Nigeria.
The increase in imports from Russia may be due to Nigeria’s need to find alternative trading partners amid the Ukraine conflict.
In contrast, the NBS report shows no record of any imports from Ukraine, indicating a significant decline in imports from the country.
The decline in imports from Ukraine may be due to the ongoing conflict, which has affected its trading relationship with Nigeria.
As Nigeria continues to rely on imports from Russia, there is a need to boost domestic production to meet local consumption and export opportunities.
This would reduce the country’s dependence on imports and mitigate the impact of the ongoing conflict between Russia and Ukraine on Nigeria’s economy.