BY COBHAM NSA – The Federal Government says proactive steps are being taken to protect the nation’s economy from adverse effects caused by the ongoing conflict involving the United States, Israel, and Iran in the Middle East
Assuredly, the government said plans are on to ensure that the progress made in stabilizing the Naira and growing the economy is not destroyed by these global crisis.
Rising from a high-level meeting of the Economic Management Team (EMT) chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the government acknowledged that things are changing in rapid succession with serious worries the war could block important sea routes where oil is ferried across the world.
A statement signed by the Assistant Director of Information and Public Relations, Federal Ministry of Finance, Mrs Uloma Amadi, noted that the war situation abd rising tension are already making the price of crude oil jump up and unstable in the global market.
The statement, which identified three main ways the ongoing crisis could hit the pockets of Nigerians, listed the first as instability in the global oil market that is already pushing up the local prices of petrol, diesel, cooking gas, and even fertilizer.
Secondly, it said the conflict is capable of making foreign investors move their money away from countries like Nigeria while the third issue hovers around the fact that the war has adversely affected global logistics and supply costs with disruptions to major shipping and energy supply routes causing a hike in international freight and logistics costs, while also putting upward pressure on the daily cost of domestic items.
The Minister, who admitted that continued instability could lead to a general increase in the price of goods and services, making the cost of living even harder for families, further said careful planning will be the main way the government responds to ensure that “recent progress in macroeconomic stabilisation, revenue mobilisation, and economic growth is not undermined by external developments.”
Also offering insight on the EMT meeting where Ministers provided sector-specific updates on the evolving situation, and discussions recognised that the ultimate scale of impact on Nigeria will depend on the duration and intensity of the conflict, particularly its effect on global oil supply and prices, the government said a very close watch is being kept on the exchange rate, the price of oil, and the country’s foreign reserves to ensure prompt reaction in the event any big changes.
“The Federal Government assures the public that it remains vigilant and proactive, and will take all necessary steps to preserve Nigeria’s economic stability and sustain its growth trajectory,” the statement said, assuring that the EMT is closely monitoring developments across key macroeconomic indicators, including: Global crude oil price movements and supply conditions; Exchange rate developments and potential pass-through to domestic prices; Capital flows and financial market conditions; and The implications for Nigeria’s fiscal outlook and external reserves
However, the government said these global challenges notwithstanding, Nigeria is in a strong position to handle the shock, pointing to recent records indicating that the economy grew by 4.07 percent in the last quarter of 2025, reflecting one of the strongest performances recorded in over a decade.
Promising that strategic policy adjustment remains central in the government’s response going forward, the Finance Minister said recent progress made in macroeconomic stabilisation, revenue mobilisation, and economic growth would be jealously guarded to ensure they are not undermined by external developments.
