Business: FG Monitoring Middle East Tensions To Protect Nigeria’s Economy
The government said global uncertainty, particularly concerns over disruptions to key energy supply routes such as the Strait of Hormuz, had already triggered volatility in crude oil prices and financial markets.
The Federal Government says it is closely monitoring rising geopolitical tensions in the Middle East involving the United States, Israel, and Iran to safeguard Nigeria’s economic stability.
This followed a meeting of the Economic Management Team (EMT) chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to assess possible implications for the Nigerian economy.
According to a statement released by the Finance Ministry on Wednesday, the government noted that global uncertainty, particularly concerns over disruptions to key energy supply routes such as the Strait of Hormuz, has already triggered volatility in crude oil prices and financial markets.
According to the EMT, the crisis could affect Nigeria through rising energy prices, shifts in capital flows to safer assets, and increased global logistics costs.
The team added that it is closely monitoring key indicators, including crude oil prices, exchange rate movements, and capital flows.
The Federal Government, however, noted that Nigeria is entering a period of uncertainty with improving economic fundamentals, highlighting real GDP growth of 4.07 per cent in the fourth quarter of 2025.
It assured Nigerians that it remains vigilant and will take necessary steps to protect the economy and sustain growth.
READ ALSO: ‘Skies Unsafe To Fly,’ Dabiri-Erewa Says Amid Concerns Over Nigerians Stranded In Middle East
Government had on Monday noted that the repatriation of Nigerians stranded in parts of the Middle East will begin once the regional airspace reopens.
Chairperson of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, stated this while responding to complaints from a Nigerian stranded in Qatar.
Responding to the complaints, Dabiri-Erewa explained that repatriation flights could not begin yet because the airspace remains closed.
“And as for repatriation flights, the skies are currently unsafe to fly. Luckily, a flight came in from the UAE to Lagos two days ago, just before another strike and closure of the airspace.
“Once the airspace opens, the multi-agency FGN team on crises and evacuation is on standby.
“Our prayers with you and all our people in affected countries,” she said on Tuesday.
