Following the outbreak of war between Russia and Ukraine, the Federal 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.
The Minister of Industry, Trade and Investments, Niyi Adebayo, who disclosed this on Thursday, said the trade department of his ministry has been mandated to analyse the crisis in the region as its concerns trade with Nigeria with a view to coming up with a report.
He was speaking while appearing on the weekly inter-ministerial press briefing organised by the Presidential Communications Team at the Presidential Villa, Abuja.
The Minister said the report will be presented to President Muhammadu Buhari for his approval before its release to the public.
“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 come 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.
Details later…
YOU SHOULD NOT MISS THESE FROM NIGERIAN TRIBUNE
Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services
President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers… FG to issue new policy on trade FG to issue new policy on trade FG to issue new policy on trade FG to issue new policy on trade
and then