The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
In spite of the ongoing Russia-Ukraine war, Nigeria has re-established its link with Russia for potassium and will take June 2022 delivery of 35,000 metric tonnes of basic raw materials for fertilizer production from Russia. Another 70,000 mt will come from Canada.
Nigeria Sovereign Investment Authority (NSIA) Managing Director and CEO Uche Orji explained in a media briefing that Nigeria has secured LCs for three vessels carrying the materials.
As quoted in Nigerian Tribune, Orji added that “subsequent transactions will likely come from Russia just because it saves us time, it’s one week shorter in terms of sailing time for the vessel from Russia versus Canada.”
