THE RUSSIA-UKRAINE CONFLICT: EFFECTS ON THE ECONOMY OF THE NIGERIAN STATE
THE RUSSIA-UKRAINE CONFLICT: EFFECTS ON THE ECONOMY OF THE NIGERIAN STATE

Summary/Abstract: The interdependent nature of contemporary global economic system is such that any distortion in any part of the global system is capable of triggering an immediate impact or effect on the political cum economic systems of countries around the world. This is the very nature of modern globalized world that is highly interconnected in a whole lot of ways. It is only natural therefore that, the ongoing conflict between Russia and Ukraine would likely impact on the global economic system. Accordingly, this paper examines how the conflict between Russia and Ukraine has impacted Nigeria's economy. The study adopted the qualitative research method. The study reveals that, while the effects of the conflict have been devastating to Russia's economy, the effects of the conflict are also now being felt by Nigeria and the rest of the global system; as inflation is rapidly rising as a result of the rapid rise in oil and natural gas prices, food prices is also on the rise in the world economies including Nigeria. Increased volatility, erratic stock swings, supply chain disruptions, rising utility costs, and decreased investment as a result of political risks and economic barriers will hurt household consumption. The study suggests, among other things that, policymakers in Nigeria and around the world must therefore seek alternative means of survival by looking inwards for the cultivation of her food supplies and other manufactured goods.

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