By Clement Abayomi
The Federal Government has promised to protect Nigeria’s economy from the effects of the rising tension in the Middle East.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, assured Nigerians that the government is watching the situation closely to prevent major economic problems.
According to a statement from the Ministry of Finance signed by Mrs. Uloma Amadi, the government claimed readiness to change its policies if the crisis between the United States, Israel, and Iran starts to hurt Nigeria.
Mr. Edun explained that the Economic Management Team is already looking at how this global issue could affect the country’s money and business plans.
The statement maintained, “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 stability.”
The Federal Government further identified three main ways this crisis could affect Nigerians. The first is the prices of energy. Changes in global oil and gas prices are believed to make fuel, diesel, cooking gas, and fertilizer more expensive at home.
Another one is investment. When there is war or tension, global investors are usually believed to move their money to safer places, which could reduce the amount of money coming into Nigeria.
The third is supply chains. If shipping routes are blocked or disrupted, the cost of bringing goods into the country would be higher, and this could lead to a hike in prices for everyday items.
Mr. Edun noted that if the instability in the Middle East lasts a long time, it could lead to a higher cost of living for everyone. To stop this, the government is monitoring the “Naira-for-Crude” policy and other energy market trends.
The Ministry stated that the goal of the government is to keep the economy stable and protect the welfare of all citizens.
The Federal Government has therefore promised to adjust their plans whenever necessary to reduce any hardship caused by the international crisis.
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