- Uwoh, Michael Benjamin (Ph.D)1, Ezugwu Kelechi2, Anierobi O. Perpetua3, and Azowue O. Emmanuel4
- 1Department of Political Science, Nasarawa State University, Keffi. 2,3,4School of General Studies, Social Science Unit, University of Nigeria, Nsukka
The modern global economic system is so interconnected that a disruption in one area can have a domino effect on the political and economic systems of other countries very instantly. This is the fundamental character of today’s interdependent, globalized world. The continuing crisis between Russia and Ukraine will inevitably have an effect on the international monetary system. Consequently, the effects of the crisis between Russia and Ukraine on Nigeria’s economy are the focus of this article. The researchers in this study used a qualitative approach. Inflation is on the rise due to the rapid rise in oil and natural gas prices, and food prices are also on the rise in world economies like Nigeria’s. The study shows that the conflict has had devastating effects on Russia’s economy, but it is also having an impact on Nigeria and the rest of the global system. Household spending will take a hit due to increased volatility, unpredictable stock prices, supply chain disruptions, higher electricity costs, and less investment due to political concerns and economic restrictions. Policymakers in Nigeria and others should, according to the report, turn inward to cultivate food supply and other manufactured items in order to ensure the country’s continued existence.