Russia’s invasion of Ukraine has led to a sharp rise in global oil prices; amounting to more than 100 dollars per barrel. This development, without doubt, has posed high implications for the Nigerian economy as the largest oil-producing country in Africa. By extension, Africa will also feel the impact as its largest economy affected.
Russia happened to be among the first three largest oil-producing countries in the world and the 11th largest economy globally; and by that, its impact is felt in the global market as one of the actors that determine the global economy.
Its continuous onslaught on Ukraine has moved her contemporaries like the United States, the United Kingdom, etc. This is to place strict economic sanctions on the country and her citizen’s investments outside the shores of Russia.
Further analysis of some of the companies’ performance YTD at June 30, 2022. This showed that Seplat Energy recorded the highest gain of 100%. While Eterna Oil followed with a YTD growth of 40.59%. While MRS Oil gained 31.58 per cent as of June 30, 2022.