Nigeria is closely monitoring rising tensions in the Middle East as it evaluates potential risks to the country’s economic stability, the finance ministry said on Wednesday.
Finance Minister Wale Edun convened the Economic Management Team to assess how the U.S.-Israeli conflict with Iran could affect oil prices, capital flows and logistics costs.
The ministry said volatility in global energy markets, including possible disruptions around the Strait of Hormuz, is already pushing crude prices higher and could increase domestic costs for fuel, diesel, cooking gas and fertiliser. It warned that prolonged instability may intensify inflation and raise living costs.
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Officials are tracking crude price movements, exchange rate pressures, capital flows, fiscal risks and foreign reserve levels.
The ministry noted that Nigeria enters this period with improving economic fundamentals, citing 4.07% GDP growth in the fourth quarter of 2025.
The government added that it will continue reviewing policies to protect households and businesses while maintaining investor confidence.
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Image Credit: Reuters
