IMPLICATIONS OF RUSSIA-UKRAINE WAR ON THE NIGERIAN ECONOMY: AN INTERIM ASSESSMENT

Abstract

Inter-state war is a social phenomenon. Giving the globalized nature of the 21^st century, what happens in one country is likely going to have a resounding effect in another country. The protracted European war in Ukraine has shrunk economic activities in Europe. Nigeria as one of the Third World countries is a big trading partner to both Russia and Ukraine. The War has dragged so long, and thus must have effect on the Nigerian economy. It is against that background that this study attempted to investigate implication of the conflict on the Nigerian economy. Secondary method of data collection was used, including observation and one-on-one encounter with diesel and oil marketers in Lapai town. Content analysis and logical inference were deployed for the analysis. It was discovered that oil and gas sector, Aviation sector, agriculture and industry were affected because of the disruption in the supply and increase in prices of oil, diesel, wheat and maize among others. The study concluded that the Russia-Ukraine war has exposed the vulnerability and dependent nature of the Nigerian economy. It, therefore, recommended that Nigeria should look inward and plan to produce what it consumes instead of unbridled reliance on imported goods from the Western world. Also, import-Substituting strategies should be pursued through industrialization in order to set the country on the path to self-reliance.