Russia-Ukraine crisis: Nigeria to issue new policy on trade relations

The federal government says it will develop a new policy on trade relations with the former Union of Soviet Socialist Republics (USSR) countries following the Russia-Ukraine crisis. 

The former USSR were a confederation of Russia, Belorussia (now Belarus), Ukraine and the Transcaucasian Federation (now Georgian, Azerbaijan and Armenian republics).

Niyi Adebayo, minister of industry, trade and investment, disclosed this on Thursday at the weekly inter-ministerial press briefing at the Presidential Villa, Abuja.

TheCable had reported that Russia’s invasion of Ukraine would have a ripple effect on global food prices and ultimately affect the prices of bread and noodles in Nigeria.

The country also imports different types of seafood such as mackerel, herrings, and blue whiting from Russia.

According to him, the trade department of the ministry will analyse the crisis in the region regarding trade with Nigeria and come up with a report.

Adebayo said the report, when ready, would 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.

He also said the country is targeting to achieve self-sufficiency in sugar production in 10 years and perhaps, start export of the commodity.

Speaking on the ministry’s target on sufficient domestic supply and exportation, Adebayo noted that about five percent of sugar consumed in Nigeria is produced locally, and the country is working towards exporting the product.

“We’re looking at Nigeria being self-sufficient in sugar production in 10 years,” he said.

“We’re hoping, and we believe with the programmes that we have in place that within the next 10 years, we will be 100 percent self-sufficient in sugar, and not only that, we will be able to export sugar produced in Nigeria.”