Nigeria reviews oil, market exposure amid rising Middle East tension

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Nigeria's government is monitoring escalating tensions in the Middle East as it assesses potential risks to the country's economic stability, the finance ministry said on Wednesday.

Finance Minister Wale Edun convened the Economic Management Team to review how the U.S.-Israeli conflict with Iran could affect oil prices, capital flows, and logistics costs.

The ministry said volatility in global energy markets, including possible disruptions around the Strait of Hormuz, is already pushing up crude prices and could raise domestic costs for fuel, diesel, ‌cooking ⁠gas and fertiliser.

It warned that sustained instability may add pressure on inflation and living costs. Officials are tracking crude price movements, exchange rate ⁠pressures, capital flows, fiscal risks and reserve levels.

Nigeria enters the period with strengthening fundamentals, the ministry said, citing 4.07% GDP growth in the fourth quarter of 2025.

The government said it ⁠will keep policies under review to shield households and businesses and maintain investor confidence.

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