The management of 11 Plc (former Mobil Oil Nigeria Plc), has attributed the woes bedevilling the country’s economy and the global supply chain to the ongoing war between Russia and Ukraine.
According to him, the Russia-Ukraine war, which is now more than a year old, has taken a toll on the Nigerian economy in many ways.
He said, “The conflict caused disruptions to the global supply chains as prices of commodities such as crude oil, natural gas, aluminum, nickel, wheat, and other commodities soared to record levels, leaving markets in disarray.
“The price of a litre of diesel skyrocketed to N600 two weeks into the war from around N420-N450, as petrol prices rose above $120 a barrel, worsening the inflation outlook in Africa’s biggest economy.
“Diesel prices have since risen to above N800 per litre and Nigeria has had to take a wrecking bowel to its finances to keep up subsidies on petrol.
“Manufacturers, retail outlets, and small businesses that rely on diesel to power their machines have had to raise the prices of manufactured goods and services, even as consumers grapple with lower purchasing power.
“The war caused disruption of key energy and grain exports from Russia and Ukraine, overstretched supply chains, heightened pricing pressures, and fostered protectionism across the globe, leading to severe inflation.”
Meanwhile, the company recommended a N3.07 billion dividend payout, translating to N8.50 per ordinary share of 50 Kobo each”.