The Lagos Chamber of Commerce and Industry (LCCI) has appealed to the federal government to speedily complete the Trans-Saharan Gas Pipeline projects which connect from Nigeria to Algeria.
President of the Chamber, Michael Olawale-Cole, who made this appeal on behalf of the Chamber pointed out that Nigeria could explore emerging opportunities to earn amazing foreign exchange inflow in the medium to long-term.
“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,” Olawale-Cole said.
The Chamber’s boss also noted that considering that the two warring countries are the world’s major suppliers of staple grains like wheat, the war will likely heighten the world’s hunger crisis, making it tougher to fight.
According to Olawale-Cole, a protracted crisis would increase the likelihood of supply interruptions and higher food prices for many people — including those who can least afford them. He made the emphasis quoting a Gallup News report which noted that “Nigeria’s food supply will surely come under some pressure as it imported 4% of wheat from Ukraine and 27% of wheat from Russia in 2021.”
The Chamber’s President, who called on government at all levels to open up their reserves (if there are any) in order to boost food supply to stabilize prices at least in the short term, suggested that the government should intervene by way of initiating imports from other sources outside the war zones.
He however argued that “the most sustainable solution is for the government to boost local production of these staples to levels that meet local demand.
“The world economy is already feeling the impact of the disruptions caused by the war on global supply chains. This is reflected in rising local prices of petrol and diesel, as in the case of Nigeria where we depend on oil imports. Today, it is not just about the skyrocketing price of diesel which has risen above N700.00/litre, but that the product is now scarce and difficult to get.”
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