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The continued rift between Russia and Ukraine impacted heavily on the outlook of Nigeria’s economy as there was a sharp increase in the prices of oil in the international market, which invariably led to the hike of fuel prices across the shores of Nigeria, as well as the attendant increase in the cost of production and galloping inflation.
“As we reflect on the activities that shaped the preceding year, we reckon that while the world was still recovering from the impact of the COVID–19 pandemic, the Russia-Ukraine war exacerbated the economic situation globally, including in Nigeria.”
The continued rift between Russia and Ukraine impacted heavily on the outlook of Nigeria’s economy as there was a sharp increase in the prices of oil in the international market, which invariably led to the hike of fuel prices across the shores of Nigeria, as well as the attendant increase in the cost of production and galloping inflation.
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