By Kola Alhassan
The Lagos Chamber of Commerce and Industry (LCCI) believes Nigeria can profit from the ongoing war in Ukraine.
It, therefore, urged the Federal Government to consider exporting gas to Europe in high quantity.
This was made known in a statement by LCCI’s President Dr Michael Olawale-Cole.
Sources said Europe, which is dependent on Russia for about 30 per cent of the gas it consumes, is making attempts to stop the dependence by exploring new supply avenues and utilising more renewables.
Olawale-Cole, however, said Nigeria should benefit from the war by delivering gas to Europe, following sanctions imposed on Russia.
The United States of America also placed a ban on Russian oil imports and other fossil fuels, thereby causing an increase in prices of commodities.
The LCCI President also urged the Federal Government on the completion of the planned Trans-Saharan Gas Pipeline between Nigeria and Algeria.
He said: “With this, we can explore the opportunity of exporting gas to Europe. We should also target Trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna, Kano Gas Pipeline, popularly known as AKK gas pipeline.
“Arising from the calamities of this war, Nigeria can explore emerging opportunities to earn huge foreign exchange inflow in the medium to long-term.”
