Page 5 - Nigeria one mag 4 edition en

Editorial

2022 has definitely been a tumultuous
year and so many fundamentals have
been reconsidered in a good or bad way.
Covid 19 was closely followed by the
Russia-Ukraine war with severe collateral
damages. We are almost reliving the bad
days of the cold war from last century.
Both Russia and Ukraine played an
important role worldwide; Russia as we
know was one of the main suppliers of oil
& gas in Europe and the rest of the world.
With the sanctions, it significantly
disrupted the supply of gas especially,
which in turn has impacted European
nations.
As a result, America has reinforced its
partnership with EU countries and
positioned itself as a key energy supplier
to fill the gap left by Russian supplies. On
the other hand, billions of dollars were
injected into Ukraine to help Ukrainians
defend themselves. Logo of PSA

Exportations from Ukraine became scarce resulting in serious problems in the world. Prices throughout the globe
went up with inflation hitting record high in major economies while desperation resurfaced in developing
countries.
In the Middle East, Saudi Arabia made clear its priorities toward China’s 'energy stability', which has an important
place if not the most important place in its global strategy. Crown prince Mohammed bin Salman stated the US is
just another partner and that their cooperation focus is mainly on security. This resonates as the end of the 1945
core agreement. China on the other hand, is the Kingdom's most reliable partner and supplies of crude oil are
and will remain of importance for the next 50 years or so.
Oil and gas volatility this year has impacted all countries with international firms pocketing top dollars while
African big oil producers did not fully benefit from high prices due to a lack of production. Worst galloping
inflation, food and petrol scarcity became the norm almost everywhere.
This year's census confirmed the world population is growing with Sub-Saharan countries leading the way while
some major economies are slowing down significantly. It revives some serious discussions involving population
control.
In Africa, Angola has dethroned Nigeria as Africa’s top oil producer followed closely by Algeria and this served as
a wake-up call for Africa’s first economy who was feeling a bit too comfortable in the first place. Angola then lost
the first spot to Libya the following month in October showing the volatility in the Oil sector. Energy transition
and the consolidation of gas as the most suitable substitute for oil being promoted by more African nations.
Ecowas is trying to have a solid grip on African nations that experience 'coups' by sanctioning those who do not
comply with the organization's plea for transition. West African Economic and Monetary Union (WAEMU)
pleaded for Eco but it has not seen the light of day to replace cfa franc and did not get the blessing of African
English-speaking countries.
These few issues have definitely impacted the world this year and the consequences have been felt throughout the
globe. As history is following its course, we are hopeful that all these events, good and bad, will help bring about
the necessary changes for the future in our daily lives.

Editorial 5