Nigeria Dodges a Bullet from Russia’s Export Ban

The Russian government published an 'unfriendly list' earlier this week, including countries that have engaged in "unfriendly action" toward Russia, Russian companies, and Russian nationals. There was no African country on the list.

The news comes after US President Joe Biden restricted Russian oil from entering the US. This decision by Russia is seen as a retaliation to the ban imposed by the United States and others.

Russia announced on Thursday that it has banned more than 200 products and equipment until the end of the year.

Russia is one of Nigeria's most important trading partners, with bilateral commerce worth more than $2 billion. Russia is an important part of Nigeria's foreign trade because it is one of the country's primary sources of imported goods, particularly food.

According to the National Bureau of Statistics (NBS), Nigeria imported items worth N813.19 billion (nearly $2 billion yearly) from Russia between January and September 2021, accounting for 3.7 percent of the country's total imports.

Russia is the world's leading wheat exporter, accounting for over a quarter of all wheat exports. Nigeria imports about N128.1 billion of durum wheat from Russia in the first nine months of 2021, compared to N144.14 billion the previous year, according to data.

Nigeria is a large user of wheat products, with domestic production accounting for barely 1% of the 5 to 6 million metric tons consumed yearly, forcing the country to rely on imports to meet its needs.

Because Russia is a big producer of agricultural fertilizers, President Vladimir Putin said on Thursday that the West's sanctions would have "bad effects" on the world's food markets.

Nigeria has successfully dodged a bullet as it was not added to Russia's 'unfriendly list,' as the Eastern European country prepares to impose export restrictions on 48 countries until December 2022.

Albania, Andorra, Australia, Canada, European Union members, Iceland, Japan, Liechtenstein, Micronesia, Monaco, Montenegro, New Zealand, North Macedonia, Norway, Singapore, San Marino, South Korea, Switzerland, Taiwan (Republic of China), Ukraine, United Kingdom, including Jersey, Anguilla, British Virgin Islands, and Gibraltar, and the United States of America are among the countries on the list.

As the rest of the world reacts to what has been dubbed "Putin's war," numerous nations, including the United States and the United Kingdom, have enforced crippling penalties on Russian government firms and private persons linked to Putin.