FG Monitors Middle East Tensions, Vows to Protect Nigeria’s Economy

By Tgnews Reporter

The Federal Government of Nigeria is closely watching the rising geopolitical tensions in the Middle East, which involve the United States, Israel, and Iran, and has promised to take steps to keep the country’s economy stable.

This comes as conflicts in the region raise concerns about possible effects on global oil prices, supply chains, and Nigeria’s foreign exchange situation.

The Economic Management Team (EMT), led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, held a meeting to look at how these developments could affect Nigeria. The team reviewed risks such as changes in oil prices, capital movements, and possible increases in inflation at home.

Mr. Edun stressed that the government is committed to protecting Nigeria’s economic stability. He said the country is entering this period of global uncertainty with stronger economic basics already in place, which could help it handle any shocks.

In a related step, Mr. Edun also chaired a separate meeting on the Naira-for-Crude policy. The session looked at recent changes in global energy markets and what they mean for Nigeria’s domestic economy.

The policy aims to support local refining of crude oil using naira, reduce pressure on foreign reserves, and boost energy security.

The Ministry of Finance said the government is ready to adjust policies if needed to shield Nigerians from any negative impacts, such as higher living costs from energy disruptions.

Officials noted that while the situation is being watched carefully, Nigeria’s economy is in a better position to deal with external challenges compared to before.

The statement followed reports of ongoing hostilities in the Middle East, including worries about key oil routes like the Strait of Hormuz.