The geopolitical tensions have sent global oil prices rising to a three-digit number more recently in the year 2022. This is good news for major oil-exporting countries including Nigeria in terms of higher oil export earnings. However, these gains will be lost to huge import bills on refined fuel products and the extra fiscal burden arising from higher subsidy costs in Nigeria. Ukraine being part of Nigeria’s top 10 import locations in the fourth quarter of 2021 suggests that the war between Russia and Ukraine could induce supply chain disruptions and negatively affect import supplies to Nigeria until a truce is reached by both countries.