Taking advantage of the Russian-Ukrainian war to export gas to Europe, charges LCCI of Buhari

Amid the ongoing war in Ukraine, the Lagos Chamber of Commerce and Industry (LCCI) has urged Muhammadu Buhari’s regime to deal with Nigeria’s gas infrastructure.

LCCI Chairman Michael Olawale-Cole made the call in a statement on Sunday, adding that Nigeria should have been one of the main beneficiaries of Russia’s invasion of Ukraine, supplying gas to Europe. .

This, he explained, was because Russian oil and gas had been rejected as part of the sanctions for invading Ukraine.

The LCCI President urged the Federal Government to speed up the completion of projects such as the Trans-Saharan Gas Pipeline Project from Nigeria to Algeria.

“With this, we can explore the opportunity to export gas to Europe.”

He also proposed that Nigeria “target trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna, Kano gas pipeline, popularly known as the AKK gas pipeline.

“As a result of the calamities of this war, Nigeria can explore emerging opportunities to earn huge foreign exchange inflows in the medium to long term,” he said.

Mr. Olawale-Cole also instructed the government to open up its reserves to increase the grain supply to stabilize wheat prices in the short term.

Alternatively, he said the government should intervene by launching imports from other sources outside war zones.

“The war between Ukraine and Russia will likely make the world hunger crisis even more difficult to combat, as these countries are two of the world’s main suppliers of cereals such as wheat.

“Nigeria’s food supply will surely come under some pressure as it imported 4% wheat from Ukraine and 27% wheat from Russia in 2021.

“However, the most sustainable solution is for the government to increase local production of these grains to levels that meet local demand,” he said.