BUSINESS
FINANCIAL EXPERT URGES EU, US TO BUY NIGERIAN CRUDE TO WEAKEN RUSSIA’S WAR FUND
A Nigerian financial adviser, Kalu Aja, has called on Western nations to consider purchasing crude oil from Nigeria as a strategic move to reduce Russia’s capacity to finance its ongoing war in Ukraine.
In a post shared on X on Thursday, Aja wrote:
“The EU is still buying Russian gas — it’s hard to quit completely, but that’s a significant amount. The EU and US should buy Nigerian crude and supply it to India at a subsidized rate, roughly matching the price India gets from Russia. It may not be enough, but such a model could help cut down the funds Russia uses to fight. That’s a cheaper and faster way to end the war.”
His comments come amid continued Western efforts to restrict Moscow’s oil revenues through sanctions and price caps, which have delivered limited impact as Russia continues to find new buyers, particularly in India and China.
Nigeria, despite facing production challenges, remains Africa’s largest oil producer and a potentially vital supplier in the global energy shift spurred by the ongoing conflict.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board