Rising global tensions could hit Nigeria’s economy hard—an expert says the government must move quickly before the impact deepens.
An economic expert, Joe Nwakwue, has warned that Nigeria must act swiftly and strategically to shield its economy from the ripple effects of the ongoing Middle-East crisis.
Speaking in Lagos, Nwakwue said the conflict is already disrupting global supply chains and pushing up commodity prices—developments that pose serious risks for Nigeria.
He noted that the country’s heavy dependence on petroleum products makes it especially vulnerable, with rising global prices likely to drive up transport costs, production expenses, and inflation.
According to him, Nigeria needs a clear, structured response framework—one that defines when and how government interventions should kick in, rather than relying on ad hoc measures.
He cautioned that poorly designed policies could distort markets and strain public finances if not properly managed.
Nwakwue also pointed to the “naira-for-crude” approach as a potential buffer against foreign exchange pressure, saying it could help stabilise domestic fuel pricing if implemented within a disciplined system.
Beyond short-term fixes, he urged the government to use the moment to rethink its energy strategy by reducing reliance on imports and accelerating diversification.
He stressed that decisive, transparent, and time-bound policies are key to navigating the global uncertainty.
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