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Ukraine War: Investors foresee gloomy outlook for Nigeria’s economy

…say war may last till year end

Following the ongoin war between Russia and Ukraine, the Lagos Chamber of Commerce and Industry (LCCI) has admitted that the war is fuelling deep fears and worsening food crisis in Nigeria, as more people are falling into poverty with supply chain disrupted in all ramifications. With this, the LCCI believes the war may continue for the rest of the year, thereby painting a gloomier outlook for the global economy, and especially Nigeria for obvious reasons. However, the Chamber is insisting that the most sustainable solution is for the government to boost local production of hitherto imported staples to the level that meets local demand.President of the LCCI, Dr. Michael Olawale-Cole, made this known during the LCCI State of the Economy engagement in Lagos on Tuesday.

Olawale-Cole said: “The war between Russia and Ukraine has unexpectedly lingered since February till date fuelling deeper fears about worsening food scarcity, more people falling into poverty, and that supply chain disruptions may continue for the rest of the year. “The war paints a gloomier outlook for the global economy, and especially Nigeria for obvious reasons.

The most sustainable solution is for the government to boost local production of hitherto imported staples to levels that meet local demand.” The LCCI president stressed: “In preparing for the reality of our near future, we urge the Federal Government to take seriously the completion of projects like the Trans- Saharan Gas Pipeline, a planned natural gas pipeline from Nigeria to Algeria.

“With this, we can explore the opportunity of exporting gas to Europe in the long term. We should also target Trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna, and Kano Gas Pipeline, popularly known as the AKK Gas Pipeline. Arising from the calamities of this war, Nigeria can explore emerging opportunities to earn huge foreign exchange inflow in the medium to long-term. Speaking on the LCCI’s position, Olawale-Cole explained: “We reiterate our recommendation that refining our crude remains the most sustainable option especially when we consider the huge cost of subsidies on government finances. “In refurbishing the refineries, the government should consider the joint venture model similar to the Nigeria Liquified Natural Gas (NLNG) model.”

 

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