With Sanctions and the threat of war in Ukraine, there will be ripple effects in Nigeria.
In 2017, Russia and Nigeria entered into an agreement on military cooperation to promote mutual understanding and cooperation between the two nations’ militaries. The agreement seeks to enhance cooperation in defense and security affairs, and aims to contribute to regional and international peace and security.
Moscow has announced that it will be supplying military equipment and training to Nigeria as the country struggles with Islamist militant extremists(Boko Haram) and other security challenges. Russian Foreign Minister Sergey Lavrov made the announcement during a meeting with the Nigerian counterpart, Geoffrey Onyeama, (Foreign Affairs Minister) on Thursday. The two officials discussed ways to improve bilateral relations between their two countries, with a particular focus on defense and security cooperation.
Country has seen growing demand for Russian products.
Moscow has pledged to provide helicopters, uniforms, and other necessary supplies to help Nigeria combat Boko Haram and other terrorist groups. In addition, Russia will also provide training to Nigerian military personnel in order to improve their tactical skills. Nigeria has many ties to Russia and their military, but now with new sanctions being imposed on Russia, and the possibility for all out war, we need to prepare for inevitable outcomes.
According to the United Nations COMTRADE database on international trade, Russia exported $423 million USD worth of goods to Nigeria during 2020. Since Russia began exporting oil and gas equipment to Nigeria in increasing quantities, the country has seen growing demand for Russian products in other industries, including steel and agriculture.
These sanctions will cause Russia to retaliate.
Since the beginning of this crises, Nigeria has watched this situation unfold and currently has not condemned the Russian Government over the issue. The hesitancy practiced by our leaders in this situation shows us that fear is looming about the potential catastrophic effects this will have for the Nigerian Economy and its citizens.
Life in Nigeria is already difficult, but sanctions on Russia and the potential for war will affect the supply lines for equipment, food, oil and fuel and other commodities. This could exacerbate the situation and make life even more difficult for the people of Nigeria. The coming sanctions on Russia are in response to their involvement in the conflict in Ukraine. These sanctions will cause Russia to retaliate by imposing sanctions on imports from the US and the EU. This will lead to a decline in trade and will cause the Russian ruble to decline in value.
It is important that people stay informed and prepare.
At this point, there is little information available on the potential fallout and its implications for Nigeria. However, it is important that people stay informed and prepare in anticipation of any possible supply shortages. It is not clear what the full extent of the fallout could be, but it is possible that there could be a significant impact on the Nigerian economy. The situation is still developing, so it is important to stay tuned for updates.
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