TEAM OCTANE

SUBMITTED TO: Dr. Mohammad Monirul Islam

INB 302 CASE STUDY

SECTION: 01

Name ID

Salman Siddique Bhuiyan 1810838

Mashfique Ferdous Jim 1821597

Hassan Imam 1911027

Ukraine Russian War

AnCompany
estimated 1.6 billion people in 94
countries are exposed to at least one
dimension of the crisis, and about 1.2
billion of them live in ‘perfect-storm’
countries which are severely vulnerable
to all three dimensions – food, energy
and finance - of the cost-of-living crisis,
according to the latest findings of the
United Nations Secretary-General’s
Global Crisis Response Group (GCRG)
on food, energy and finance systems.
Country Profile of Nigeria
As a developing country, Nigeria has been recognised
by prominent members of the global investment
community and economists as an up-and-coming
market with tremendous growth potential over the next
decades. A member of the Organisation of Petroleum
Exporting Countries (OPEC) since 1971, Nigeria ranks
as the largest oil producer in Africa and the 11th largest
in the world. In addition to oil and gas, Nigeria has
vast underexploited mineral resources, including coal,
bauxite, gold, and iron ore. The country's natural
resources have attracted the attention of the super
major oil and gas companies as well as businesses in
allied industries, including oil field equipment and
services, transportation and logistics, and
petrochemicals and plastics.
How Nigeria is affected through the Ukraine Russian War

The current rise in global market prices for major food commodities almost mirrors that of the
2008 food crisis, presenting a worldwide threat to food security. The situation is particularly
severe in Africa, where the COVID-19 pandemic and now the Russia-Ukraine crisis have exposed
the vulnerability of food systems to major shocks, particularly in countries like Nigeria that rely
heavily on imports of major staple foods such as rice and wheat.
- Inflation- The recent surge in United States (US)
inflation to 9.1 per cent has substantially increased the
probability of a 100 bps hike in interest rates later this
month. This happens as the US dollar has already
experienced significant appreciation in value this year
in response to previous rate hikes. The dollar recently max growth
reached equal parity with the Euro for the first time in
two decades as recession fears and rising rates
continue to fuel a rush for the greenback. The surge in
dollar’s value comes at the expense of other
currencies, especially those from emerging markets
and developing economies (EMDE’s).

According to a recent report by the National Bureau

of Statistics (NBS), Nigeria’s inflation rate rose to
16.82 percent in April, recording the highest jump in
eight months. The consumer price index, which
measures the rate of increase in the price of goods and
services, jumped amid increases recorded in food and
energy prices.
 The significant increase in the cost of
transportation, food items and other necessities
in Nigeria, indicates a continuous dent in the
purchasing power of average Nigerians. This
could in turn reverse the movement of Nigeria’s
consumer price index.

CONCLUSION It is also worth pointing out that Nigerian youths

in the country are currently staying at home due
to the month-long ASUU strike and are now
joined by thousands of Nigerians who will not
be able to continue receiving lectures in Ukraine
due to the unrest.