FG Monitors Middle East Crisis as Oil Price Volatility Raises Economic Concerns

The Federal Government of Nigeria says it is closely monitoring the rising geopolitical tensions in the Middle East involving the United States, Israel and Iran in a bid to safeguard Nigeria’s economic stability.

The development followed a meeting of the Economic Management Team chaired by Wale Edun, who also serves as the Coordinating Minister of the Economy.

In a statement issued by the Federal Ministry of Finance, the meeting reviewed potential economic risks linked to the ongoing conflict and its possible implications for Nigeria.

According to the government, global uncertainty arising from the crisis—particularly fears of disruptions to key oil supply routes such as the Strait of Hormuz—has already triggered volatility in crude oil prices and global financial markets.

The Economic Management Team warned that the conflict could affect Nigeria through several channels, including rising global energy prices, increased logistics costs and shifts in international capital flows toward safer assets.

Officials said the government is closely tracking key economic indicators such as crude oil prices, exchange rate movements and capital inflows to assess potential impacts on the country’s economy.

Despite the uncertainties, the government noted that Nigeria’s economic fundamentals remain relatively stable, citing a real GDP growth of 4.07 percent recorded in the fourth quarter of 2025.

Authorities assured citizens that appropriate measures would be taken when necessary to protect the economy and sustain growth.

Meanwhile, the government also addressed concerns over Nigerians stranded in parts of the Middle East as a result of the conflict.

The chairperson of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said evacuation flights would begin once it is safe for aircraft to operate in the region.

Responding to complaints from a Nigerian stranded in Qatar, Dabiri-Erewa explained that repatriation efforts cannot commence yet because several airspaces remain closed due to security concerns.

She noted that a flight from the United Arab Emirates had just landed in Lagos shortly before another strike forced the closure of regional airspace.

According to her, a multi-agency federal government crisis response team is already on standby and will begin evacuation operations as soon as the airspace is reopened and deemed safe for flights.