By Merit Ibe
The Lagos Chamber of Commerce and Industry (LCCI) has expressed fears over the lingering war between Russia and Ukraine, saying the conflict which began since February till date is fuelling fears about worsening food scarcity, more people falling into poverty and that supply chain disruptions may continue for the rest of the year.
President, Michael Olawale-Cole, who made the remark noted that the war paints a gloomier outlook for the global economy and especially Nigeria for obvious reasons.
He said the most sustainable solution is for the government to boost local production of hitherto imported staples to levels that meet local demand.
“In preparing for the reality of our near future, we urge the Federal Government to take seriously the completion of projects like the Trans-Saharan Gas Pipeline, a planned natural gas pipeline from Nigeria to Algeria. With this, we can explore the opportunity of exporting gas to Europe in the long term.
“We should also target Trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna and Kano Gas Pipeline, popularly known as the AKK Gas Pipeline.” He pointed out that from the calamities of the war, Nigeria could explore emerging opportunities to earn huge foreign exchange inflow in the medium to long-term.
“We reiterate our recommendation that refining our crude remains the most sustainable option especially when we consider the huge cost of subsidies on government finances. In refurbishing the refineries, the government should consider the joint venture model similar to the Nigeria Liquified Natural Gas (NLNG) model.”