Dare Babalola
The Lagos State chapter of the All Progressives Congress (APC) has expressed concern that the ongoing Middle East crisis poses a risk to Nigeria’s economic recovery efforts and may jeopardize recent macroeconomic achievements.
The party’s spokesperson, Seye Oladejo, stated on Wednesday that the regional instability could precipitate fresh uncertainty in global markets, owing to the Middle East’s critical role in global energy supply and international trade.
Oladejo warned that disruptions to global supply chains, energy market volatility, and rising international trade costs could further strain Nigeria’s inflation, exchange rate stability, and fiscal planning.
“The ongoing conflict unfortunately poses a negative impact on Nigeria’s economic recovery efforts,” Oladejo said, adding that the crisis represents a significant external shock for a country that has only recently begun recording signs of macroeconomic stabilisation.
The party acknowledged that rising global crude oil prices could present short term revenue opportunities for oil producing countries like Nigeria. However, it warned that such gains could be offset by higher import costs, global inflation and growing investor uncertainty.
The Lagos APC called for cautious economic management and proactive policies to cushion the potential impact of the crisis. It urged stronger efforts toward economic diversification, improved domestic production, fiscal discipline and structural reforms.
The party also commended the Federal Government for ongoing economic reforms aimed at stabilising the economy, restoring investor confidence and improving fiscal sustainability.
Oladejo further called on the international community to intensify diplomatic efforts to de escalate tensions in the Middle East, stressing that global peace and stability remain essential for sustainable economic growth.
