The nation’s seaports have taken delivery of wheat valued at $1.54 billion in the last 19 months from Russia, It was gathered. Nigeria spent $880 million on import of the product last year, while in the first nine months of 2016, a total of $660 million of the commodity was shipped through the ports.
This week, two terminals at the Lagos Port Complex, Apapa Bulk Terminal Limited (ABTL) and Greenview Development Nigerian Limited (GDNL) will take delivery of 214,558 metric tons valued at N27.3 billion ($89.3 million).
Nigerian Ports Authority (NPA)’s shipping position revealed that the six vessels laden with wheat had been positioned to discharge the commodity between November 21and 24, 2016. At ABTL, Desert Peace will discharge 47,581 metric tons; Atlantic Eagle, 48,000 metric tons and Desert Hope, 26,633 metric tons.
Also, Desert Calm will discharge 40,000 metric tons, Spring Hawk – 16, 000 metric tons, while MV Wuhu berthed last Sunday with 36,344.010 metric tons at the Greenview Development Nigeria Limited.
Meanwhile, the Federal Government has resolved to end the importation of wheat from Russia to preserve her foreign reserves, which currently stands at about $24 billion. Minister of State for Foreign Affairs, Hajiya Khadija Abba- Ibrahim, had said that Nigeria would invite Russian farmers to help improve the country’s agricultural productivity.
She said: “We want the Russian companies and farmers to come to Nigeria to show us how we can grow our agriculture sector with modern technology.”
However, for the second time in one year, Russia has crashed its wheat price for Nigeria and other countries. It would be recalled that the Russian Institute for Agricultural Market Studies said that price of the country’s wheat for export from Black Sea ports had dropped to $169 per metric ton as at last September, to enable Nigeria and other importing countries have access to Russian wheat.
The global price of the commodity is $416 per metric ton. Russian shippers have taken advantage of a weak currency in Nigeria to undercut most competitors by selling their grain 39 per cent cheaper than cargoes from other wheat producing countries.
The United States produces higher-quality wheat, while Russian produces softer varieties. Last year, it was learnt that shipments from Russia to Nigeria was doubled last season to 1.44 million tons from 721,000 tons.
Already, American dominance in the global market has been shrinking as long-standing importers from Nigeria, Egypt and China are shifting more purchases to Russia.
The institute added that Russian wheat has crowded out US supplies in Egypt, Nigeria, Bangladesh and Indonesia, but gaining footholds in some other countries
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