The Federal Government is assessing the economic impact of the escalating Middle East conflict on Nigeria, as crude oil prices surge and petrol costs climb above ₦1,000 per litre nationwide.
Officials confirmed that the Economic Management Team (EMT) has begun reviewing scenarios to minimize the crisis’s negative effects, with fears that crude prices could spike to $150 per barrel if hostilities persist. Nigeria’s 2026 budget was benchmarked at $64.85 per barrel, highlighting the potential fiscal strain.
Evacuation Plans for Nigerians in Iran
The Ministry of Foreign Affairs announced preparations to evacuate about 1,000 Nigerians, mostly students, stranded in Iran. Spokesperson Kimiebi Ebienfa said Nigeria is working with Armenia and regional embassies to coordinate safe evacuation, strengthen diaspora communication, and provide timely advisories. Diplomatic missions in Tehran, Tel Aviv, and Gulf states have been placed on high alert.
Fuel Prices Surge Nationwide
Petrol prices have risen sharply following Dangote Refinery’s adjustment of its gantry price to ₦995 per litre.
- In Abuja, NNPC sold at ₦1,050, while Total dispensed at ₦960.
- In Lagos and Ibadan, prices ranged between ₦937 and ₦1,040, with some outlets exceeding ₦1,000.
- Consumers in Owerri, Jos, Osogbo, and Ilorin expressed outrage as transport fares and living costs climbed.
Expert Concerns
Economists warn Nigeria faces a double-edged reality: higher crude prices may boost export revenues, but the country’s reliance on imported refined products means domestic fuel costs and inflation will rise. Dr. Baba Y. Musa, President of the Nigerian Economic Society, noted that while Nigeria is better positioned to withstand shocks than in the past, prolonged instability could erode investor confidence and worsen inflationary pressures.
