There’s a saying that there are no absolute winners or losers in war, just lessons. But, this isn’t entirely true. The winners are just not the warring parties.
Take the Russia-Ukraine crisis, for example. Demand for stocks and prices of weapon manufacturing companies is soaring, while oil prices have currently surpassed $100 per barrel. It’s ethically questionable, but war, like every other event on Earth, creates opportunities for people, companies, and even countries in the proper position to take advantage of them.
The most significant opportunity in the Russia-Ukraine crisis is also one of the most significant threats—gas supply to Europe (the EU’s 27 countries and the UK). Europe’s reliance on Russia’s gas has never been comfortable for the region. With over a third of Europe’s gas supplies coming from Russia, Europe is dependent on Russia for gas. As a result, to a large extent, Europe’s energy security lies in Russia’s (read Putin’s) hands—not a position any Western country wants to be in.
Following Russia’s invasion of Ukraine, it’s become more urgent than ever that Europe finds new energy sources, whether gas or renewables. But, switching to renewables takes time, and gas is the transition fuel of choice while Europe expands its renewable energy capacity. So, the short to medium-term solution is to find other gas sources.
Nigeria has an opportunity