Following months of tension, Russian President Vladimir Putin ordered what he termed a "special military operation" against Ukraine on Thursday, 24 February 2022. A full-scale invasion followed, and Ukrainian President Volodymyr Zelenskyy has vowed that his country would defend itself. Based on media reports, Russia now has at least 50% of its estimated 150,000-strong invasion forces in Ukraine. If the war gets prolonged, how does Nigeria stand to gain or lose? Brent oil price passed US$100/bbl. for the first time since 2014 following the announcement of the invasion. From the prospect of continued increase in oil prices to increase in prices of major commodities like wheat and to the movement of funds from equities and fixed income market into the commodities market, Nigeria, an import-dependent country, stands to see significant effects from a prolongation of the crisis. In this report, we postulate our views.
