Leveraging on the war between Russia

and Ukraine for Nigeria’s security and

economy
The Russia and Ukraine war started on the 20th of febuary
in the year 2014 on a Thursday and it as caused a lot of chaos
and disaster to many countries.
The Russian Ukraine war which is now on its 11th month
has taken a toll on the Nigerian economy in many ways. The
conflict caused disruption to the global supply chains as
sanctions have affected the global market sending oil prices to as
high as 30 dollar per barrel .
It spill over affect include the surge in diesel price in
Nigeria and the disruption in petrol supply here are 5 major
effect of Russia and Ukraine war in Nigeria.
Oil price rally
Oil prices were rising globally prior to the full escalation of
the war.
However when Russia attacked Ukraine, the price of crude
oil in the global market skyrocketed from around 76 dollar per
barrel at the start of January 2022 to over 130 dollar per barrel in
march, Nigeria rely on crude oil for most of its foreign exchange
and two third of government revenue. The oil price rally meant
on increase in crude export revenue for the country but was
opposed by higher petrol subsidy cost incurred by the Nigerian
National petroleum company (NNPC).
DURUM WHEAT
The ongoing war between Russian and Ukraine brought
about a decline in the importation into Nigeria.
According to data from the national (NBS) Nigerian import
durum wheat worth of 753.59 billion naira in nine month
(January to September) down from 898.19 billion naira in the
corresponding period 2021. Durum wheat is variety of spring
wheat that typically ground into semolina and use to make pasta.
Tola Ogunnubi national public relations office of national wheat
farmer’s processors and marketers association of Nigeria said,
that ongoing war in Ukraine has forced importers to start
importing from United state and other counties.