As the rest of the world reacts to what has been described as “Putin’s war”, several countries such as the United States and the United Kingdom have imposed huge sanctions on businesses belonging to the Russian government and private individuals connected to Putin.
Russia is one of Nigeria’s biggest trade partners as trade between Nigeria and Russia is currently valued at over $2 billion. Russia plays a vital role in Nigeria’s international trade as the nation is one of Nigeria’s top sources for its imported items, especially food items.
According to the National Bureau of Statistics (NBS), Nigeria imported goods from Russia is currently valued at N813.19 billion (over $2billion annualized) between January and September 2021, representing 3.7% of Nigeria’s total import in the same period.
Russia is the top wheat exporter in the world, accounting for 24% of the total wheat exports in the world. This is one of the major products Nigeria gets from Russia because data reveals that Nigeria imported durum wheat worth over N128.1 billion in the 9-month period of 2021, while it recorded a N144.14 billion durum wheat import in the previous year.
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 the nation relies on importation to meet local demands.
President Vladimir Putin said on Thursday that there would be “negative consequences” for the world’s food markets due to the West’s sanctions because Russia is a major producer of agricultural fertilizers.
“It is clear that at such moments people’s demand for certain groups of goods always increases, but we have no doubt that we will solve all these problems while working in a calm fashion,” he further stated.
The Russian Government’s Announcement
The announcement reads, “The Government has approved a list of imported goods and equipment that are temporarily prohibited from being exported from Russia. The decision will be effective until the end of 2022. It has been adopted as a follow up to the Presidential Executive Order on Application of Special Economic Measures in Foreign Economic Activity to Ensure the Security of the Russian Federation.
“The list includes over 200 products, including technological, telecommunication and medical equipment, vehicles, agricultural machinery, electric equipment, as well as railway cars and locomotives, containers, turbines, metal and stone cutting machines, video displays, projectors, consoles and switchboards. This measure is necessary to maintain stability on the Russian market.”
The list includes Albania, Andorra, Australia, Canada, members of the European Union, Iceland, Japan, Liechtenstein, Micronesia, Monaco, Montenegro, New Zealand, North Macedonia, Norway, Singapore, San Marino, South Korea, Switzerland, Taiwan (the Republic of China), Ukraine, the United Kingdom, including Jersey, Anguilla, British Virgin Islands and Gibraltar, and the United States of America.
Russia’s Export Ban: Nigeria escapes “unfriendly list”