Russia makes N21.84bn from Nigeria in 3 months

The National Bureau of Statistics (NBS) has revealed that Russia in the second quarter of 2022, sold to the Nigerian market a whopping N21.8 billion worth of goods, despite its ongoing war with Ukraine.

NBS disclosed this in its foreign trade report published on its website.

The report showed that the second quarter sales by Russia to the Nigerian market was a massive increase of 143 per cent when compared with N8.98bn in Q1 2022.

This increase is against the prediction that Nigeria’s imports from Russia might be at risk with the ongoing conflict.

The Majority of Russian export to Nigeria is fish, particularly herrings and blue whiting to Nigeria.

In Q1 2022, Nigeria imported N6.27bn herrings and N2.77bn blue whiting from Russia, while by Q2 2022, the country imported N13.39bn blue whitings, N7.21bn herrings, and N1.25bn malt.

While Nigeria has been importing from Russia, import from Ukraine seems to be significantly affected as the NBS report has no record of any import from Ukraine.