Political and Economic Implications of the Russia-Ukraine War for Nigeria

Musa, Basiru (2024) Political and Economic Implications of the Russia-Ukraine War for Nigeria. ICABEP2023.

Text (Research Article) 10.23918ICABEP2023p21.pdf - Published Version Download (226kB)

Abstract

The Russia-Ukraine war, which began on the 24th of February 2022, following Russia’s invasion of Ukraine has upset the relative balance and stability of the world, with implications. It is against this background that the paper examined the extent to which Nigeria has been affected on the economic, political, and social fronts. The paper utilized document analysis for data collection and content analysis for data analysis and discussion of findings. The findings include increase in prices of commodities, resulting in faster inflation and slower economic growth, disruption to industrial activities and agricultural production, foreign exchange crisis and low purchasing power of the Naira (N), disruption to the foreign education of Nigerians, heightened insecurity and reduced political leverage of Nigeria in national and international politics. The paper recommends that urgent and effective measures should be taken to address the identified challenges and a policy should be formulated and implemented to diversify the Nigerian economy.

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