Remember that the invasion of Ukraine by Russia took place on the early hours of 24th day of February 2022, invariably, this war has raged for approximately one month today being 24th of March 2022
Since the invasion of Ukraine by Russian soldiers, many things have never been the same in many countries especially in Ukraine where all the forces were centered on.
Many people have died, many injured, others displaced, whereas many others stick to the fight with patriotic minds to defend their life's and their country in general.
The damage of properties that took almost decades to acquire can not be over emphasized, both buildings and other resources, what a world !
I pray God help us !
Before the invasion, the news of Russia Ukraine tension escalating, alone, destabilized most of the crypto exchanges and the Forex markets.
Recall the incident of the free fall on Bitcoin (BTC) and Etherume (ETH) on the early hours of the day of this said invasion on Ukraine.
Many people, out of extreme tension and fear sold out their crypto holdings.
LONDON, Feb 24 (Reuters) - Bitcoin slumped to its lowest in a month on Thursday after Russian forces fired missiles at several cities in Ukraine and landed troops on its coast, sparking a sell-off of riskier assets.
Bitcoin fell by as much as 7.9% to $34,324, its lowest since Jan. 24, and was last trading down 4.5%. Smaller coins that typically move in tandem with bitcoin also fell, with ether losing as much as 10.8%.source
So from the above is just a few real fact to show you that though this war is directly centered on Ukrainian government and it's citizens, has very much affected may another countries in the world, which I know very well that countries surrounding Ukraine will experience more of whatever it feels like in other countries. (Eg. Poland)
The effects of Russian-Ukraine war in Nigeria
The official currency of Nigeria is Naira (₦) and our major foreign exchange commodity is crude oil (petroleum).
It's a very big disadvantage for Nigerians as whole that inspite of being bless with crude oil by nature, we don't have even one working oil refinery in this country, today we're ranked the sixth largest crude oil exporter in the whole world.
Since the tension on Russia and Ukraine started there has been this cases of foreign exchange and naira dropping in the exchange market.
But from the onset of the invasion, everything becomes obvious, the price of goods and services increased to some unbelievable rates.
This is because of the increase in the price fuel (petroleum), the scarcity of fuel in the country made the price of virtually everything here to rise.
Nigeria depends so much on petroleum products, the use of fuel is virtually seen in every sector, the blackouts and low outputs from the national power grid made it Paramount for individuals, public and private companies and institutions to have alternative source of power, which is the purchase and ownership of gasoline engines
(power generators) includingg for domestic use at homes.
Transportation, both the airlines is the largest consumer petroleum and gas, this has therefore affected it adversely. (Notes also that transportation alone generates upto 30% of our GDP)
The rise of crude oil price and lack of forex to trade have affected retailers in the oil industry in Nigeria, and led to rising fuel price.
Commenting on the impact of non-availability of FX on fuel availability, Osifo said, “Although, the increase in the price of crude oil in the international market is partly responsible for the surge, from our findings, the non-availability of foreign exchange (FX) at Central Bank of Nigeria rate to marketers is largely responsible for the increase as they source FX from the parallel market”, he told reporters on Wednesday.source
As we all know Nigeria is one of the largest exporter of crude oil and also one of the largest importer of petroleum (refined oil).
So also on the other hand, Russia has one of the largest oil refinery in the world,
Russia:
Russia is another refining giant, with capacity to produce more than 6.5 million barrels per day. As one of the biggest oil producing countries in the world, Russia also has quick, easy and affordable access to raw products. State-owned Rosneft is the country’s biggest refiner, operating more than a dozen locations.source
So from the above, think about the effects world wide especially after many sanctions on Russia since the start of this war
Nigeria have been a victim following the surge in crude oil products.
This has in reverse heightened the price of everything here.
Majority of people here are really suffering, I swear.
There has been an increased hardship here since this war started, many can no longer afford their normal life again.
Hardly for some people to afford just one full square meal this days, it's a pity though !
Possible measures
Briefly, if I'm to suggest, I would say the government should urgently look into this.
The President of PENGASSAN also advised more focus on domestic gas production by Nigeria Liquefied and Natural Gas and other gas producers, while asking that the rehabilitation of the four refineries should be hastened up.source
The need for everyone to join the call for peace
Earlier, when it started many people including myself think that the Ukrainians are the only ones to suffer/suffering the consequences of the war.
But this a pure lie, even Russians are suffering so much for this because of the decisions of their grand Masters.
Just imagine Nigeria, the giant of Africa is adversely affected, talk more of other nations in Africa, I pity Africans and most Asian countries during this period because I know that the destabilized world economy will affect them more.
From the screenshot (I made with my phone) above is the clear view of the damages this war has caused and a good reason for everyone to raise their voices, embrace and advocate for peace in Ukraine and the world in general.
Look at the number of life lost already, see the numbers of displaced people, imagine the amount of properties damaged and the amount of money wasted so far.
I pity the lives of individuals suffering right now, I wish I can lend a helping hand...
But I pray the Almighty God come to their rescue and help us in this challenging time.
_Stop war in #Ukraine !
_Advocate for #peace-in-Ukraine !
_Save the world from this perceived 111 world war !!
_Let peace and love lead !!!
_References
Cryptocurrencies fall after Russia invades Ukraine
Oil marketers list causes of fuel scarcity, price hike, proffer solutions
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