The Federal Government has said it is closely monitoring global developments following escalating tensions involving Iran, the United States and Israel, noting that it may introduce policy adjustments to protect the Nigerian economy and citizens.
Finance Minister and Coordinating Minister of the Economy Wale Edun disclosed this in a statement issued in Abuja on Tuesday. The statement, signed by Mrs. Uloma Amadi, Assistant Director of Information and Public Relations at the Ministry of Finance, did not specify the policy measures under consideration but confirmed that options are being reviewed to mitigate potential economic shocks.
“The Federal Government of Nigeria is closely monitoring escalating geopolitical tensions in the Middle East involving the United States, Israel and Iran, and remains committed to safeguarding Nigeria’s economic ility,” the statement said.
The Economic Management Team, chaired by Edun, is coordinating across fiscal, monetary and energy policy institutions to assess measures aimed at shielding households and businesses from external shocks. Edun emphasized that careful policy calibration would guide the government’s response to preserve recent progress in macroeconomic ility, revenue mobilisation and economic growth.
The government identified three main channels through which the crisis could affect Nigeria: volatility in crude oil and gas prices, shifts in capital flows and financial markets, and disruptions to global logistics and supply chains, which could drive up domestic prices of fuel, sel, cooking gas, fertiliser, and other goods.
Edun assured that the government will continue monitoring developments, adjusting policies where necessary to sustain investor confidence, minimize disruptions and protect Nigerians’ welfare. The EMT also reviewed the Naira-for-Crude policy to assess implications for the domestic energy market.
The government reiterated its commitment to maintaining economic ility while safeguarding citizens from the impact of external shocks.
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