The Lagos Chamber of Commerce and Industry (LCCI) says Nigeria can make huge money from gas due to the Russia-Ukraine war.
In a statement on Sunday, the President, Michael Olawale-Cole urged the Federal Government to address gas infrastructure.
He noted that supply to countries in Europe would boost earnings since Russia’s oil and gas are under ban.
Olawale-Cole called for the completion of projects like the planned Trans-Saharan Gas Pipeline, from Nigeria to Algeria.
“We should target Trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna, Kano Gas Pipeline (AKK).
“Arising from the calamities of this war, Nigeria can explore emerging opportunities to earn huge foreign exchange inflow in the medium to long-term”, he said.
Olawale-Cole advised Nigeria to open up its reserves to boost the supply of grains to stabilise prices of wheat in the short term.
The LCCI chief added that the government could initiate imports from other sources outside the war zones.
The battle, according to him, may make the world’s hunger crisis tougher as the countries are two of the major suppliers of grains like wheat.
He said Nigeria’s food supply “will come under some pressure as it imported 4 per cent of wheat from Ukraine and 27 per cent of wheat from Russia in 2021”.
Olawale-Cole stressed the need to boost local production of grains to levels that meet local demand.
The business mogul urged authorities to speed up the evacuation of Nigerians from Ukraine.
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