Russia/Ukraine war: Nigeria To Present New Trade Policy

Russia/Ukraine war: Nigeria To Present New Trade Policy

The Federal Government of Nigeria has hinted that following the outbreak of war between Russia and Ukraine, it is working on a new policy on trade with former Soviet countries with whom it shares important mutual trade relations. THE SUN reports.

The Minister of Industry, Trade and Investments, Niyi Adebayo, made this known on Thursday at the weekly inter-ministerial press briefing organised by the Presidential Communications Team at the Presidential Villa, Abuja. Information Guide Nigeria

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According to him, 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.

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Adebayo said the report when ready will be presented to President Muhammadu Buhari for his approval before it will be made public.

“We have mandated our trade department to do an analysis to look at all the issues and come out with a report. Once that report is ready, I will be presenting to the President, after presenting to the President, I will come here to brief you about it,” 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. jamb results

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.

Adebayo, who made a presentation on the Presidential Sugar Backward Integration Program (BIP) before taking questions from State House Correspondents, also hinted that Nigeria is targeting to achieve self-sufficiency in sugar production in 10 years and perhaps, start export of the commodity.

Adebayo, who noted that about five per cent of sugar consumed in Nigeria is produced locally, while responding to a question on the ministry’s target on how to satisfy local consumption and begin export of the product, said: “We’re looking at Nigeria being self-sufficient in sugar production in 10 years. We’re hoping and we believe with the Programmes that we have in place that within the next 10 years, we will be 100 per cent self-sufficient in sugar, and not only that, we’ll be able to export sugar produced in Nigeria”.

He also explained to Journalists why Calabar and Warri ports are not currently being used.

“On the development of ports, I pointed out earlier that yes, apart from Apapa and Tincan; we have a new port of Lekki coming up. I know that there are plans for a new port to come up in Badagry”.

“At the last Presidential Enabling Business Environment Council (PEBEC) meeting, we also looked at the possibility of utilisation of Warri port, but there are certain issues and problems with it at the moment that has been looked into. I believe the breakwater has collapsed, so the government is looking at how that can be repaired and to see how dredging can be done so that bigger vessels can use that port”.

“Calabar port is a problem; apparently there is a court case on that one at the moment with regards to a subcontract for the dredging of that as well. As we all know, Port Harcourt and Onne are operating, and the government is looking at improving the road network to that port so that it can ease the congestion of Lagos,” he explained.

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Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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