Nigeria imported durum wheat worth N753.6 billion in the first nine months of 2022, a 16.1% decline compared to N898.2 billion worth of durum wheat importation during the comparable period in 2021.
This is according to data gathered from Nigeria’s international trade reports, released by the National Bureau of Statistics (NBS).
Note that in the full year 2021, Nigeria imported wheat worth N1.29 trillion. Meanwhile, it appears 2022 numbers will fall short of the previous year’s import despite increased population/demand.
Some details to note: The decline in Nigeria’s wheat import may be attributed to the continuous confrontation between Russia and Ukraine since February 2022, as most of Nigeria’s wheat import comes from these two countries.
However, despite this enormous demand for wheat in the country, its import has dropped in the past nine months, especially at a time when the nation’s agricultural import surged to N512.91 billion in Q3 2022 and N1.42 trillion between January and September 2022.
Nigeria-Russia trade: Nairametrics reported earlier in the year that Nigeria’s $2 billion annual trade with Russia could be impacted by the war, following sanctions placed by other western economies on the country.
Silver lining: The recent development could be an opportunity for Nigeria to improve its local production to meet the demand gap in the country and save itself a massive $2 billion in massive import bill payments for the importation of wheat.
In other news: Nigeria recorded a total foreign trade of N11.59 trillion in the third quarter of 2022, representing a 9.7% decline compared to N12.84 trillion recorded in Q2 2022, largely due to the 21.2% drop in Nigeria’s crude oil export.
For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi
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