By Adedotun Aderoboye

The ongoing  Russia and Ukraine war is already having negative impacts on Nigeria’s economy and can be more devasting if  continue for a longer period of time.

This was made known  by a lecturer of the Department of Economics, Adeyemi Federal University of Education, Ondo, Ven. Dr. J. S. Ojewumi while addressing youths under the aegis of Ekimogun Youths Connects.

His words: “the world is now a global village. No nation is an island on its own. The present political and economical operations have connected all nations of the world as a single entity. Therefore, what happens to a nation affects other nations that have one thing or the other to do with the nations in question. The magnitude of the impact depends on the level of interaction with our country.”

He said, “Ukraine is part of those countries we import products from. In 2020, total imports that came from Ukraine was $69m. From another record, I have $163.36m that came in as import from Ukraine in the year 2021. With the war, there will be challenges in importing commodities from Ukraine.”

He added that, “Ukraine has recorded large amount of imports from Nigeria on certain products. With this war, that will definitely be affected. Once it is affected, our revenue will be affected. That will also reflect on the provision of social amenities. Government will begin to complain about lack of funds and that will reflect in the payment of workers.”

Ojewumi revealed that the war has brought about shortage in the global oil supply which is leading to increment in the price of refined products like PMS and Diesel, which is also leading to spike in the prices of good and services and ultimately the reduction of workforce.

Ojewumi decried the stagnation that will be experienced in the development of Nigeria’s power sector due to the ongoing war as many of Ukrainian capital investments in the sector are currently threatened by the war and could get worse if the war continues.

“Ukraine has been showing interest in Nigeria’s power sector. We have influx of capital investments coming in from Ukraine. Some of the tools used in the power sector are being developed and imported from Ukraine.

If the war continues, the crisis faced in the power sector will continue and we all know how important power is to drive the economy of any nation.”

He also revealed the impact of the war on Nigerians who are in Ukraine to study or work and how their lives have been shattered by the war. He showed how the war will not only affect them but people here in Nigeria who are depending on them for their own livelihood.

“one of the locations Nigerians run to with less cost of education is Ukraine. Most of the higher institutions in Ukraine charge less tuition fees and that is why we have larger percentage of our people reside in Ukraine to study. Now, we have close to three hundred people who have left Ukraine and abandoned their education because of the ongoing war. They have been destabilized psychologically.”