- The Middle East conflict has triggered significant volatility in global markets as crude oil prices crossed a $100 per barrel on March 9 — the highest level since July 2022 — before easing to $87 the following day.
On March 11, the finance ministry said the war in the Middle East may affect Nigeria’s crude oil and gas prices, capital flows in financial markets, as well as global logistics and supply costs.
The federal government says it will not intervene to regulate petrol prices as escalating geopolitical tensions in the Middle East continue to create volatility in global oil markets.
In an interview with Channels Television on Wednesday, Wale Edun, the minister of finance, said the federal government plans to introduce other initiatives to cushion.
Edun said in response to the global developments, President Bola Tinubu already announced the provision of 100,000 additional
