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Before the conflict, Russia controlled about 40 per cent of the European LNG market. But the blow-up of Nord Stream 1 and 2 in 2022 and other events have kneecapped supply from the country forcing the United States to increase its supply in several folds to plug the hole.

But for Nigeria’s poor investment in critical infrastructure, experts have suggested, the country could ride on the crisis to emerge as a major market leader.

Aderemi spoke at a meeting of energy stakeholders aimed at addressing perennial issues facing the energy sector and convened by a law firm, Perchstone & Graeys.

The meeting, which was led by Aderemi, a partner in charge of the law firm’s Energy Group, was titled ‘Digitisation: A Catalyst for Energy Transformation in Nigeria’.

Speakers at the event included a former minister of state for petroleum, Prof. Emmanuel Kachikwu; Nigerian Electricity Regulation Commission (NERC) Commissioner for Planning, Research and Strategy, Dr Yusuf Ali and other leading local and foreign private sector players.

In his opening remark, Aderemi noted that the ongoing Ukraine-Russian conflict and the European Union’s threat of LNG from Russia presents a unique opportunity for Nigeria, which the country does not seem to pay attention to.



https://guardian.ng/business-services/business/how-nigeria-lost-rare-opportunity-in-russia-ukraine-war-to-lead-lng-market/