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By Goli Innocent
The Federal Government of Nigeria says it may adjust key economic policies as the ongoing conflict involving Iran, Israel and the United States continues to create uncertainty across global energy and financial markets.
In a statement issued on Tuesday, the government said it was closely monitoring developments in the Middle East and would take necessary steps to minimise potential economic shocks to Nigeria.
The statement, signed by the Assistant Director of Information at the Federal Ministry of Finance (Nigeria), Uloma Amadi, noted that the Economic Management Team had begun assessing the possible economic impact of the crisis.
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The Economic Management Team, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently met to review the implications of rising geopolitical tensions and developments in global energy markets.
According to the ministry, concerns have grown over potential disruptions to key global oil routes, particularly the Strait of Hormuz, which has contributed to volatility in crude oil prices and financial markets.
Officials identified three major channels through which the crisis could affect Nigeria, including rising global energy prices, possible reductions in capital inflows, and disruptions to global logistics and supply chains.
The government warned that prolonged instability could push up the cost of goods and services, adding pressure to inflation, especially as petrol prices in some parts of Nigeria have already climbed to around ₦1,300 per litre.
