The Russia and Ukraine standoff, vis a vis boycott of Russian gas has triggered significant disruptions and created a huge shortage in the global gas supply chain.
Available data indicate that Russia is the world’s largest natural gas exporter; exporting 238 billion cubic meters in 2020 and accounting for about 45 per cent the EU’s imports in 2021.
It implies that any dislodgement in Russia’s gas supply would leave a deep crater that must be exploited by Nigeria, with natural gas reserve of 209.5 trillion cubic feet.
Perceptive stakeholders hold that the economic trump card of sanctions on Russia for Nigeria, as a ranking gas producing and exporting nation, is immense.
Expectedly, Nigeria is savouring the prospects of being a buffer and cashing in on the void.
President Muhammadu Buhari, while on a state visit to Portugal recently, indicated that Nigeria is ready to fill the natural gas gaps in Europe predicated by the current Russian-Ukrainian war.
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