Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country’s economy is in shock due to the global fallout from the Middle East crisis. He made the remarks in a statement issued on Monday ahead of the 2026 IMF and World Bank Spring Meetings in Washington.
Edun said the conflict has triggered sharp volatility in oil markets, with Nigeria’s Bonny Light crude rising from about 70 dollars per barrel to over 110 dollars. He added that petrol prices have increased by more than 50 percent, while diesel prices have surged by over 70 percent, worsening inflationary pressures on households and businesses.
According to the minister, the crisis is affecting Nigeria through rising energy costs, shifts in global capital flows, and higher logistics and import expenses. The International Monetary Fund has also warned that up to 50 billion dollars may be needed in emergency financing for countries facing balance of payments shocks.
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Edun said the Federal Government is responding by boosting oil production to about 1.86 million barrels per day and maintaining economic reforms aimed at stabilising the economy. He added that Nigeria remains exposed to global shocks but is better positioned to withstand them due to recent policy measures.
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