The Federal Government of Nigeria announced on March 15 that it is closely monitoring rising geopolitical tensions in the Middle East involving the United States, Israel, and Iran, with a focus on protecting Nigeria’s economic stability.
Officials said the Economic Management Team (EMT), chaired by Minister of Finance and Coordinating Minister of the Economy Wale Edun, held a meeting to assess possible impacts on Nigeria’s economy. Edun also led a Naira-for-Crude policy coordination meeting to review developments in energy markets and their domestic implications.
According to government statements, global market uncertainty is being driven by concerns over disruptions to critical energy supply routes such as the Strait of Hormuz. This has already contributed to volatility in crude oil prices and financial markets. The government identified three main channels through which the crisis could affect Nigeria: volatility in global energy markets leading to higher domestic fuel and gas prices; shifts in capital flows affecting financial market conditions; and increased international freight costs raising domestic prices.
Edun said that continued instability could further increase the cost of goods and services, putting upward pressure on inflation and living costs. At the EMT meeting, ministers provided sector-specific updates and discussed how the scale of impact would depend on how long and intense the conflict becomes, especially regarding its effect on global oil supply.
The government highlighted that recent data shows real GDP growth of 4.07 percent in Q4 2025—one of the strongest quarterly performances in over a decade—reflecting ongoing reforms and improved macroeconomic coordination. Officials said they remain committed to protecting these gains through close coordination across fiscal, monetary, and energy policy institutions.
Edun emphasised that careful policy calibration will be central to ensuring recent progress is not undermined by external events. He added that “the Federal Government will continue to monitor the situation closely and adjust policy measures where necessary to minimise disruptions, sustain investor confidence, and protect the welfare of Nigerians.” The statement concluded with assurances that authorities remain vigilant and proactive in preserving economic stability.