The Federal Government, yesterday, revealed that it was working on a new trade policy with the countries of the former Union of Soviet Socialist Republics (USSR).
The move came on the heels of the ongoing war between Russia and Ukraine.
The Minister for Industry, Trade and Investment, Niyi Adebayo, gave the indication when he appeared as a guest at the weekly ministerial chat hosted by the Presidential Communications Team at the State House, Abuja.
He said that the trade department of his ministry has already been mandated to make a critical analysis of the crisis in the region as it affects trade with Nigeria and submit a report.
The minister said the report will thereafter be submitted to President Muhammadu Buhari for approval before it is made public.
“My ministry is looking at all the issues involved since the war started. The department of commerce is looking at what we import and export to them, with a view to putting together a policy document,” he explained.
A recent report based on data from the Office for National Statistics (NBS) warned of the impact of the war in Nigeria, even as it showed that since 2019, Nigeria has had $84.3 million in capital imports from Russia.
It also imported from Russia N144 billion ($346.2 million) worth of durum wheat in 2020 and N123.9 billion ($297.8 million) worth of durum wheat between January and September 2021.
Nigeria also imports different types of seafood such as mackerel, herring and blue whiting from Russia.
According to NBS data, Nigeria also imported N721.5 million ($1.7 million) worth of milk from Ukraine in 2021.
MEANWHILE, National Inter-Party Advisory Council (IPAC) Chairman Yusuf Sani said Nigeria could learn a lot from the Communist Party of China (CPC) through the partnership.
He said this while receiving a two-man delegation from the Chinese Embassy, Comrade Wu Baocai and Comrade Zhao Jinshuo, who paid him a courtesy call at his office at the IPAC National Secretariat in Abuja.
Baocai and Jinshuo are representatives of the Communist Party of China (CPC) at the Chinese Embassy in Abuja.
Sani said: “As Nigeria inched towards another round of general elections in 2023, the political atmosphere in the country is already, characteristically, charged to a high level.
“The emerging signs on the political horizon clearly demand a higher level of preparation and strategies on the part of IPAC and other key strategic actors in the country’s democratic project.
“At this critical juncture, Nigeria will certainly need the strong support usually provided by friendly nations if it is to overcome the challenges ahead.
“We are in this regard, especially looking towards the People’s Republic of China, through the Chinese Communist Party and other institutions in China that are dedicated to engendering world peace and security in Africa and the rest of the developing countries.”
Chinese delegation leader Baocai said that the CPC decided to open an office in the Chinese Embassy in Nigeria, given Nigeria’s growing importance in world affairs and the need to deepen political ties.
He assured Nigeria of support in sustaining collaborative democracy through economic prosperity, technological advances and security.