FG Moves to Protect Economy as Middle East Crisis Drives Up Prices
By Patience Ikpeme
The Federal Government has assured Nigerians that it is taking active steps to protect the nation’s economy from the rising tensions in the Middle East involving the United States, Israel, and Iran.
Following a high-level meeting of the Economic Management Team (EMT), the government stated that it is working hard to ensure that the progress made in stabilizing the Naira and growing the economy is not destroyed by these global troubles.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, led the meeting to look at how the conflict is affecting Nigeria. The government noted that the situation is still changing quickly, and there are big worries that the war could block important sea routes where oil is carried, which is already making the price of crude oil jump up and down in the world market.
According to a statement from the Ministry of Finance signed by the Assistant Director of Information and Public Relations, Mrs. Uloma Amadi, the government identified three main ways this crisis could hit the pockets of Nigerians. First, the instability in the global oil market is already pushing up the local prices of petrol, diesel, cooking gas, and even fertilizer.
Second, the trouble abroad might make international investors move their money away from countries like Nigeria. Lastly, the war could make it more expensive to ship goods into the country, which would make the cost of daily items go up.
Mr. Edun pointed out that if this instability continues, it could lead to a general increase in the price of goods and services, making the cost of living even harder for families. He said that 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.”
The Minister also held a separate meeting on the “Naira-for-Crude” policy to see how the energy market is reacting and what it means for people at home. The government explained that the Economic Management Team is now keeping a very close watch on the exchange rate, the price of oil, and the country’s foreign reserves to make sure they can react quickly to 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 ministry stated.
Despite these global challenges, the government says Nigeria is in a strong position to handle the shock. They pointed to recent records showing that the economy grew by 4.07 percent in the last part of 2025, which is one of the best performances the country has seen in over ten years.
The Minister noted that the government will continue to check its policies every day to find ways to reduce the “wahala” from abroad and protect Nigerian households and businesses. He promised that the government will adjust its plans whenever necessary to keep investors confident and protect the welfare of all citizens.
