Amanze Chinonye
The Federal Government says it is closely monitoring escalating geopolitical tensions in the Middle East involving the United States, Israel and Iran, as part of efforts to safeguard Nigeria’s economic stability.
In a statement issued on Wednesday by the Federal Ministry of Finance, the Economic Management Team (EMT), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, convened to assess the potential implications of the developments on the Nigerian economy.
According to the ministry, the minister also presided over a coordination meeting on the government’s Naira-for-Crude policy to review developments in global energy markets and their possible domestic impact.
Join our WhatsApp ChannelThe government noted that the situation in the Middle East remains fluid, with rising concerns over potential disruptions to critical global energy supply routes, particularly the Strait of Hormuz.
It said the uncertainty had already triggered volatility in global crude oil prices and financial markets.
Given Nigeria’s integration with global commodity and financial markets, the Federal Government identified three immediate channels through which the crisis could affect the domestic economy.
These include volatility in crude oil and gas prices, which could drive increases in the domestic cost of fuel, diesel, cooking gas and fertiliser.
The government also warned that heightened geopolitical risks could prompt investors to shift funds to safe-haven assets, potentially affecting capital flows into emerging markets such as Nigeria.
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In addition, disruptions to major global shipping routes could lead to higher freight and logistics costs, putting further pressure on domestic prices.
Beyond the immediate risks, the government said prolonged instability could exacerbate inflationary pressures and worsen the cost of living.
It added that the EMT is closely monitoring key macroeconomic indicators, including crude oil prices, exchange rate movements, capital flows, and their implications for Nigeria’s fiscal outlook and external reserves.
Despite the uncertainties, the government said Nigeria enters the period from a position of strengthening economic fundamentals.
It noted that the country’s real Gross Domestic Product grew by 4.07 per cent in the fourth quarter of 2025, describing it as one of the strongest quarterly performances recorded in more than a decade.
The ministry said the EMT is maintaining close coordination across fiscal, monetary and energy policy institutions, with policy options under continuous review to mitigate potential shocks.
“The Federal Government remains vigilant and proactive and will take all necessary steps to preserve Nigeria’s economic stability and sustain its growth trajectory,” the statement added.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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