Nigeria’s import from Russia has crashed to 92% this year, as the war in Ukraine persists.
The foreign trade report of the National Bureau of Statistics for the third quarter of 2022 was released earlier this month and it showed that only N1.71 trillion worth of goods were imported from Russia during the third quarter of the year.
This is a 92.17% decline from the N21.84 billion imports recorded in the year’s second quarter.
Russia’s major exports to Nigeria include wheat and fish.
Earlier in September, Nigeria had increased its imports from Russia by 143.21 percent. This initial increase was against the prediction that Nigeria’s imports from Russia might be at risk because of the war.
However, the predictions are finally coming to fruition as the imports from Russia have crashed by 92.17%
This crash will most likely lead to inflation and more hardship for Nigerians because if Nigeria is unable to import wheat and other products from Russia due to sanctions, it is likely that the prices of products made from wheat will rise in the medium-to-long term.
In 2021, Russia was among the top 10 import trade partners to Nigeria, but it is not on the list anymore as it continues to wage war against Ukraine.