JUST NOTE THAT GLOBAL DISRUPTION IMPACTING NIGERIA MAY NOT BE GOING AWAY ANYTIME SOON - CAUGHT IN THE CROSSFIRE - EVERYTHING IS CONNECTED BY ADEROGBA OTUNLA
In 1769 German dramatist and philosopher Gotthold Ephraim Lessing published:
“In nature, everything is connected, everything is interwoven, everything changes with everything, and everything merges from one into another.”
Following the Russian invasion of Ukraine, the country has faced several sanctions and boycotts from the Western world and its allies, a move described as an "all-out economic and financial war" to isolate the Russian economy from the global financial system.
The European Bank for Reconstruction and Development has estimated the damage done by the sanctions triggered "the greatest supply shock since at least the early 1970s". It will retract Russia's economy by 10% in 2022.
HIGHLIGHTS ABOUT RUSSIA
1. Russia's vast geography is an important determinant of its economic activity, with the country holding a large share of the world's natural resources.
2. It has been widely described as an energy superpower; as it has the world's largest natural gas reserves.
3. The second-largest coal reserves.
4. The eighth-largest oil reserves, and;
5. The largest oil shale reserves in Europe.
6. It is the world's leading natural gas exporter.
7. The second-largest natural gas producer, and;
8. The second-largest oil exporter, and producer.
9. Russia's foreign exchange reserves are the world's fifth-largest.
10. Russia also has the world's fifth-largest number of billionaires.
The oil and gas sector accounted for roughly 40% of Russia's federal budget revenues, and up to 60% of its exports in 2019.
PRODUCTS GENERATING THE GREATEST TRADE SURPLUSES FOR UKRAINE
The following types of Ukrainian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
(a) Cereals: US$11.68 billion (Up by 26.4% since 2020)
(b) Iron, steel: $11.67 billion (Up by 75.4%)
(c) Ores, slag, ash: $6.7 billion (Up by 65.4%)
(d) Animal/vegetable fats, oils, waxes: $6.5 billion (Up by 18%)
(e) Oil seeds: $1.7 billion (Up by 14.2%)
(f) Wood: $1.53 billion (Up by 38.2%)
(g) Food industry waste, animal fodder: $1.39 billion (Up by 6.8%)
(h) Meat: $621.6 million (Up by 27.7%)
(i) Inorganic chemicals: $546.6 million (Up by 22.8%)
(j) Furniture, bedding, lighting, signs, prefabricated buildings: $463.3 million (Up by 43.9%)
Ukraine has highly positive net exports, particularly in the international trade of corn, wheat, and barley. In turn, these cashflows indicate Ukraine’s strong competitive advantages in the cereals category.
https://www.worldstopexports.com/ukraines-top-10-exports/
WHAT WAS DISCUSSED AT THE RUSSIA-TURKEY-IRAN SUMMIT?
Putin met with his Turkish and Iranian counterparts in Tehran on Tuesday ostensibly to discuss Syria, but talks turned to grain shipments and the Ukraine war.
On his first foreign trip outside the former Soviet Union since the invasion, Russia's president received endorsement for the Ukraine war, with Iran's Supreme Leader claiming NATO would have eventually started the conflict.
NIGERIA’S TOP 3 COMMODITY EXPORTS
Crude Petroleum – $30 billion
Petroleum Gas – $5.89 billion
Refined Petroleum – $613 million
Read more at: https://commodity.com/data/nigeria/
EUROPEAN UNION SEEKS MORE GAS IMPORTS FROM NIGERIA
Europe is looking to increase gas imports from Nigeria to above the current 14 per cent as a result of shortage in gas supplies.
EU LOOKS TO REPLACE GAS FROM RUSSIA WITH NIGERIAN SUPPLIES
The European Union is seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts, Matthew Baldwin, deputy director general of the European Commission's energy department, said on Saturday.
https://www.reuters.com/world/africa/eu-looks-replace-gas-russia-with-nigerian-supplies-2022-07-23/
EU IN TALKS WITH NIGERIA TO REPLACE RUSSIAN GAS AS UK AIMS TO BOOST FLOWS INTO TROUBLED BLOC
The European Union (EU) is in negotiations to buy gas from Nigeria as the bloc scrambles to secure supplies in case Russia turns off the taps ahead of winter.
Matthew Baldwin, deputy director general of the European Commission’s energy department, held meetings with officials from the country earlier this week.
Nigeria plans to re-open the Trans Niger pipeline after August, which would yield more gas exports to Europe.
US OFFICIALS SAY 'BIGGEST FEAR' HAS COME TRUE AS RUSSIA CUTS GAS SUPPLIES TO EUROPE
https://edition.cnn.com/2022/07/26/politics/us-russia-europe-gas/index.html
RUSSIA CUTS GAS FLOW TO EUROPE, INTENSIFYING FEARS IT IS WEAPONIZING FUEL
https://www.nytimes.com/2022/07/25/world/europe/russia-germany-gas-cut-eu.html
“When we try to pick out anything by itself, we find it hitched to everything else in the universe”. - John Muir
“The fact that for the syncretistic point of view everything is related, everything is connected to everything else, everything is perceived through a network of general schemas built up of imagery, of analogies of detail and of contingent circumstances, makes it quite natural that the idea of the accidental or the arbitrary should not exist for the syncretistic mentality, and that consequently a reason should be found for everything”. - Jean Piaget
Thank you.
REFERENCES:
Bruno S. Sergi, ed. (23 May 2019). Modeling Economic Growth in Contemporary Russia. Emerald Group Publishing. pp. 99–. ISBN 978-1-78973-265-8. OCLC 1101173631.
"The Future of Russia as an Energy Superpower". Harvard University Press. 20 November 2017. Retrieved 22 February 2021.
N. Sönnichsen (15 June 2021). "Natural gas – countries with the largest reserves 2009–2019". Statista. Retrieved 2 July 2021. Russia has the largest proven natural gas reserves in the world. As of 2019, it had 38 trillion cubic meters worth of fossil fuel, four trillion cubic meters more than ten years prior.
"Statistical Review of World Energy 69th edition" (PDF). bp.com. BP. 2020. p. 45. Retrieved 8 November 2020.
"Crude oil – proved reserves". CIA World Factbook. Central Intelligence Agency. Retrieved 2 July 2021.
2010 Survey of Energy Resources (PDF). worldenergy.org. World Energy Council. 2010. p. 102. ISBN 978-0-946121-021. Retrieved 8 November 2020.
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