RUSSIA-UKRAINE WAR AND ITS IMPLICATIONS ON NIGERIA'S ECONOMY

Abstract

This study examined the implications of the Russia- Ukraine war on Nigeria's economy between 2022 and 2025, with the objective of assessing how disruptions in global food, fertilizer and energy markets affected inflation, fiscal stability, foreign exchange conditions and overall economic performance. Guided by the Dependency Theory, the study explained how external geopolitical conflicts influence domestic economic indicators in import- dependent developing countries. The analysis relied on secondary data from publications of the World Bank, IMF, Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), and peer- reviewed research. Findings revealed that the conflict intensified Nigeria's inflationary pressures, particularly through rising food and fuel prices; increased the cost of wheat and fertilizer imports; weakened the naira through heightened demand for foreign exchange; and contributed to unstable oil revenue flows that strained government finances. The study concluded that the Russia- Ukraine war acted as a persistent external shock that worsened Nigeria's macroeconomic vulnerabilities. It recommended strengthening domestic agricultural production, expanding fertilizer manufacturing capacity, diversifying the economy beyond oil, improving foreign- exchange management, and expanding social- protection measures to cushion households from rising costs.