Experts Predict Nigeria stock market might set to gain due to global increase in oil prices.

Over the years, Russia has been a major exporter of oil, natural gas, and commodities like wheat and grains, as its oil exports credit for 8% of the global supply, with most of its clients being European countries.

Due to the Russian invasion Into Ukraine and the Uproar of war activities thrashing Ukraine's sovereignty.  The price of oil has rolled into multi-year highs as potential buyers are avoiding Russian supply in support of Ukraine.  A New York Harbor trader reports “People are not touching Russian barrels. You may see some on the water right now, but they were bought before the invasion. There won’t be much after that.” It is obvious countries are beginning to support Ukraine even through international trade.  While this might not be good enough for Russia, It is on a winning end for Nigeria.

As you might be aware, the Nigerian economy is nearly equivalent to the price of crude oil. Thus, if there is any section of the Nigerian economy that will react to a rising oil price, then that section is the Nigerian Stock Market.

If The Nigerian Stock Market is expected to benefit from the sudden rise in crude oil prices, then there are stocks listed in the exchange that could also gain.