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Nigeria’s N993.38bn imports from Russia at risk over war
The value of Russia’s imports to Nigeria over 12 months period is estimated at N993.38bn, data from the National Bureau of Statistics have shown.
Specifically, the NBS statistics put the value of imports from Russia between the third quarter of 2020 and the corresponding period in 2021 at N993.38bn.
Russia is among Nigeria’s top 10 import trade partners between the third quarter of 2020 and the corresponding period in 2021. However, the N993.38bn trade is at risk as the Russia and Ukraine war persists.
Within the period under review, Nigeria imported four main items from Russia, namely durum wheat, herrings, blue whitings, and mackerel, according to the report.
In Q3 2020, durum wheat worth N46.56bn, mackerel worth N13.76bn, and blue whitings worth N1.57bn were imported from Russia.
During the quarter, Russia was the second leading exporter of durum wheat to Nigeria, the first for mackerel, and the third for blue whitings.
The foreign trade statistics document from the NBS further showed that the total imports from Russia were N154.21bn cumulatively, about 2.87 per cent of Nigeria’s import trade value for the period, with Russia being the seventh import trading partner for Nigeria.
Russia maintained its position as the seventh import trading partner for Nigeria in Q4 2020 with an import trade value of N162.62bn cumulatively, which was 2.74 per cent of the country’s total import trade value.
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In Q4 2020, durum wheat worth N62.9bn, mackerel worth N2.27bn, and herrings worth N6.59bn were imported from Russia. Also, Nigeria imported N4.82bn vaccines for human medicine from Russia.
Russia was the top exporter of wheat to Nigeria, the second for herrings, and the third for mackerel in Q4, 2020. It was the fifth import trade partner for vaccines for human medicine.
By Q1 2021, Nigeria imported N15.8bn herrings and N37.20bn durum wheat from Russia. Russia was the top import trading partner for herrings and fourth for wheat.
Nigeria imported N27.23bn blue whitings and N4.18bn mackerel from Russia in Q2 2021. Russia was not mentioned among Nigeria’s top wheat providers for this quarter.
The foreign trade statistics document from the NBS further showed that the import from Russia was N284.36bn cumulatively, which was 4.09 per cent of the total import trade value, with Russia being the fifth import trading partner for Nigeria.
Russia dropped to the sixth import trading partner for Nigeria in Q3 2021 with an import trade value of N339.19bn cumulatively, which was 4.16 per cent of the total import trade value.
In Q3 2021, durum wheat worth N86.75bn and mackerel worth N30.69bn were imported from Russia.
Russia was the top importer of mackerel for Nigeria and second for durum wheat in this quarter.
A total of N232.41bn was spent on durum wheat imports from Russia, and N102.09bn on fishes, such as herrings, blue whitings, and mackerel.
Meanwhile, Nigeria’s import from Ukraine is also at risk as the crisis persists, the Punch has learnt.
According to the United Nations Comtrade Database on International trade in 2020, Nigeria spent $156.08m on imports from Ukraine. The database also showed that import from Russia was $1.24bn for that year.
Nigeria may be forced to shift attention to other countries for the import of commodities like cereals, mineral fuel, oil distillation products, fish, iron and steel, fertilizers, amongst others.
Experts predict inflation, others over import disruptions
Meanwhile, economic analysts and experts have said Nigerians may experience a further rise in inflation over possible disruption in the import of wheat, fish, and other commodities from Russia and Ukraine.
A professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, said if the conflict between Russia and Ukraine persists, Nigeria’s imports from the two countries may be affected.
He added that this would likely lead to inflation and more hardship for Nigerians.
He said, “If Nigeria can’t import wheat anymore or other products that we import from Russia due to sanctions, it is very likely like the prices of products made from wheat or with wheat will rise in the medium to long term. This of course will increase inflation and create more hardship for the average Nigerian.”
He stressed the need for the country to boost domestic wheat production to meet up with local consumption and export opportunities.
He said, “Definitely, the war will have negative impacts, economically. But with every crisis, there is always an opportunity.
“In this case, the upside for Nigeria is that we exploit this problem by intensifying our local wheat production so that we don’t depend on imports. If we do it rightly, we will not only be able to meet our local demands but we can boost our trade earnings by exporting wheat to countries that were dependent on Russia or Ukraine for their wheat.”
According to the President, Premium Bread-Makers of Nigeria, Emmanuel Onuorah, if the crisis persists, Nigeria may have to turn to other trade partners for the affected commodities.
He said, “Certainly. It will affect the wheat price and its availability. It will affect it because the international price of oil has spiked. You (Russia) can’t export anything because all the export channels are shut. The quantum that is coming from Russia will certainly impact wheat supply to Nigeria, but you know Nigeria does not only buy from Russia, but they also buy from Canada, they buy from the US, and from Brazil.”
Punch
News
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.
In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.
He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.
The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.
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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.
“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”
Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.
“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.
“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
News
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”
His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.
In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.
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The only solution is to dissolve the two states and create a democratically electable region.”
Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.
He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.
“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
News
Court sacks Ondo LP candidate, two days to governorship poll
Court sacks Ondo LP candidate, two days to governorship poll
The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.
The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.
The governorship election of the southwest State will hold on Saturday, 16 November 2024.
The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.
The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.
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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”
Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.
Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.
Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.
However, the appellate court has now overturned the judgment of the trial court’s judgment.
Court sacks Ondo LP candidate, two days to governorship poll
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