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NEWS UPDATE: Russia-Ukraine: Nigeria must focus on gas, war will affect food supply – LCCI

NEWS UPDATE: Russia-Ukraine: Nigeria must focus on gas, war will affect food supply – LCCI

The Lagos Chamber of Commerce and Industry (LCCI) states Nigeria can make big cash from gas due to the Russia-Ukraine war.

In a declaration on Sunday, the President, Michael Olawale-Cole prompted the Federal Federal government to deal with gas facilities.

He kept in mind that supply to nations in Europe would enhance incomes because Russia’s oil and gas are under restriction.

Olawale-Cole required the conclusion of tasks like the prepared Trans-Saharan Gas Pipeline, from Nigeria to Algeria.

” We must target Trans-Saharan and European markets with the continuous building and construction of the Ajaokuta, Kaduna, Kano Gas Pipeline (AKK).

” Emerging from the disasters of this war, Nigeria can check out emerging opportunities to make big forex inflow in the medium to long-lasting”, he stated.

Olawale-Cole recommended Nigeria to open its reserves to enhance the supply of grains to stabilise rates of wheat in the short-term.

The LCCI chief included that the federal government might start imports from other sources outside the battle zone.

The fight, according to him, might make the world’s cravings crisis harder as the nations are 2 of the significant providers of grains like wheat.

He stated Nigeria’s food supply “will come under some pressure as it imported 4 percent of wheat from Ukraine and 27 percent of wheat from Russia in 2021”.

Olawale-Cole worried the requirement to enhance regional production of grains to levels that fulfill regional need.

Business magnate prompted authorities to accelerate the evacuation of Nigerians from Ukraine.

Russia-Ukraine: Nigeria must focus on gas, war will affect food supply – LCCI

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