Away from pandemic induced effects and the pressures from Covid-19, the lingering Russia-Ukrainian watershed, yet to exert an immediate impact on Nigeria’s economy, is likely to have significant effects in the coming weeks and months as the conflict continues to worsen global supply disruptions, pushing prices of commodities higher than expected.
Even worse, Nigeria continues to be buffeted by currency pressures on the Naira, which has fallen to around N600 to the dollar at the parallel market despite the rise in crude oil prices to above $130 per barrel.