Nigeria could see inflation rise 3–5% amid the escalating U.S.-Iran conflict, warns the Sea and Empowerment Research Centre (SEREC). Eugene Nweke, SEREC’s Head of Research, said disruptions in the Strait of Hormuz—the key route for one-fifth of global crude—could spike oil prices, shipping costs, and insurance premiums worldwide.
While Nigeria might gain short-term oil revenue, Nweke cautioned that imported goods and transport costs could push local inflation higher, stressing the need for fiscal discipline and strategic investment in domestic refining and maritime security.
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