US-Iran Conflict Boosts Oil Profits: How Is Nigeria Benefiting?

Recent reports suggest global oil majors are gaining significantly from the US-Iran conflict. Dangote’s net worth is said to have jumped from $24 billion to $26 billion thanks to increased refinery output. Companies like BP and major producers such as Russia are also posting higher revenues. Nigeria relies heavily on oil for foreign exchange. Has the country recorded any windfall so far? What steps is the government taking to deploy extra earnings toward cushioning inflation and supporting citizens?

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