Nigeria’s Federal Government says it is closely tracking escalating tensions in the Middle East to shield the country’s economy from potential global shocks.
The assurance came after a meeting of the Economic Management Team (EMT) chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, where officials reviewed possible economic consequences of the crisis.
According to a statement from the Finance Ministry, the conflict involving the United States, Israel, and Iran has already triggered volatility in global crude oil prices and financial markets.
Government officials said global uncertainty is largely tied to fears that shipping routes such as the Strait of Hormuz could face disruptions if the conflict intensifies.
The strait is one of the most critical global energy supply routes, and any disturbance could rapidly affect international oil prices.
Nigeria, as a major oil exporter, could feel the impact through multiple channels including higher energy prices, shifts in international investment flows, and increased global logistics costs.
The Economic Management Team said it is closely monitoring key economic indicators such as crude oil prices, exchange rate movements, and capital inflows to determine appropriate policy responses.
Despite the uncertainty, the Federal Government expressed confidence that Nigeria’s economic fundamentals remain relatively strong.
The team noted that the country recorded real Gross Domestic Product growth of about 4.07 percent in the fourth quarter of 2025, suggesting improving resilience within the economy.
The government said it would remain vigilant and ready to take measures to protect economic stability if the global crisis deepens.
Meanwhile, the situation has also affected Nigerians living in parts of the Middle East.
The Chairperson of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said evacuation flights cannot begin immediately because regional airspace remains unsafe.
She explained that a multi-agency Federal Government team is prepared to repatriate affected Nigerians once the airspace reopens.
According to her, one flight from the United Arab Emirates managed to arrive in Lagos shortly before the airspace was closed following renewed military strikes.
She said evacuation operations would begin as soon as conditions improve and flight routes are declared safe.
