Takeover Russia’s oil market, IMF urges Nigeria, others

The International Monetary Fund (IMF) has urged Nigeria and other commodities-producing countries in Sub-Saharan Africa (SSA) to seize Russia’s energy market in Europe.

Recall that geo-political tension persists as the Russia/Ukraine war continues after one year of military attacks.

Europe and the West have isolated Russia, which they considered as the aggressor in the war.

Russia is under economic sanctions, including non-purchase of oil and other commodities from the country.

In a report titled: Geopolitical Divisions Threaten Growth, IMF economists Qianqian Zhang and Ivanova Reyes said commodity exporters in the region could potentially displace much of Russia’s energy market share in Europe.

The IMF said the countries could rely on trade promotion agencies to help identify potential opportunities, build the necessary skills and capacity for exports, and eventually re-orient production to take advantage of new trade flows. “Improving the business environment, such as by lowering entry, regulatory, and tax barriers could also help,” the Fund said.

“What the exact outcomes will be from fragmentation and polarization, and whether these trends will continue are uncertain. What is clear, however, is multilateral institutions will need to continue to facilitate dialogue among nations to promote economic integration and cooperation,” it added.

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