Middle East Conflict Sends Nigeria’s Economy into Shock, Warns Minister

At the Islamic Development Bank Group Day in Lagos, Finance Minister Wale Edun said Nigeria’s economy is in shock from the fallout of the Middle East crisis. He warned that crude oil price volatility, driven by disruptions in the Strait of Hormuz, has pushed domestic fuel costs up by over 35 percent. Edun highlighted three key risk channels: surging petrol and diesel prices, shifts in global capital flows, and rising logistics costs that could drive up import prices. He noted that higher energy costs and inflation are already straining households and businesses. Despite these headwinds, the minister said recent reforms have strengthened economic fundamentals. He pointed to policies boosting oil production, liberalising the foreign exchange market, and safeguarding domestic fuel supply. Edun added that Nigeria’s improved resilience will guide efforts to attract investment and sustain growth.

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