How Nigeria can take advantage of the Russia-Ukraine war – LCCI President

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to explore exporting more gas to Europe.

This was disclosed by Dr Michael Olawale-Cole, the LCCI’s president, in a statement issued in response to Russia’s invasion of Ukraine.

Nigeria, according to Olawale-Cole, should have reaped the benefits of the war in sectors such as gas delivery to Europe. This, he claimed, was due to sanctions imposed on Russia as a result of its invasion of Ukraine.

The LCCI President asked the Federal Government to complete projects such as the planned Trans-Saharan Gas Pipeline between Nigeria and Algeria as soon as possible.

Olawale-Cole said, “With this, we can explore the opportunity of exporting gas to Europe. We should also target Trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna, Kano Gas Pipeline, popularly known as 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.”

He also demanded that the government release its reserves in order to increase grain supply and stabilize wheat prices in the short term.

Alternatively, he suggests that the government intervenes by launching imports from sources other than combat zones. He urged the federal government to use diplomacy to reach out to well-intentioned world leaders in order to resolve the problem quickly. This, he explained, was because the length of the battle was a key factor in deciding the amount of damage that could be done.

The LCCI President also emphasized the importance of stepping up efforts to expedite Nigerians’ escape from the war-torn zone.

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