Following the ongoing war between Russia and Ukraine, the Nigerian Government has hinted that it is working on a new policy on trade with the former Union of Soviet Socialist Republics (USSR) countries with whom it shares important mutual trade relations.
Minister of Industry, Trade and Investments, Niyi Adebayo said this on Thursday at the weekly state house briefing organized by the presidential communications team at the Presidential Villa Abuja.
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He said the trade department of his ministry has been mandated to analyse the crisis in the region as it concerns trade with Nigeria with a view to coming up with a report.
The Minister said the report will be presented to President Muhammadu Buhari for his approval before its release to the public.
He said “My ministry is looking at all the issues involved since the war has come up. The trade department is looking at what we import and export to them with a view to coming up with a policy paper which we will present to Mr. President,” he said.
A recent report relying on data from the National Bureau of Statistics (NBS), warned of the impact of the war on Nigeria as it showed that since 2019, Nigeria has received a total of $84.3million in capital imports from Russia.
It also imported N144billion ($346.2million) worth of durum wheat in 2020 and N123.9billion ($297.8million) worth of durum wheat between January – September 2021 from Russia.
The country also imports different types of seafood such as mackerel, herrings, and blue whiting from Russia.
According to the NBS data, Nigeria similarly imported milk worth N721.5m ($1.7m) from Ukraine in 2021.
Adebayo also noted that Nigeria is hoping to achieve self-sufficiency in sugar production in 10 years and perhaps, start export of the commodity.
Editor: Ena Agbanoma
