In summary, the Russia-Ukraine war has reshaped the dynamics of global crude oil flows, impacting Nigerian exports. While demand from India has decreased due to increased preference for discounted Russian barrels, Europe has seen a rise in Nigerian crude imports to fill the gap left by the ban on Russian crude. The conflict, coupled with domestic production challenges, has prompted Nigeria to explore new strategies and partnerships to revitalize its oil industry. The implementation of the Petroleum Industry Act and collaborations with financial institutions signal efforts to boost production and achieve higher output targets in the coming years.
