The African Union (AU) has expressed deep concern over the renewed escalation of tensions in the Middle East, warning of serious consequences for global stability and African economies. In a statement issued on Tuesday, May 5, 2026, from Addis Ababa, the Chairperson of the African Union Commission, Mahmoud Ali Youssouf, cited the resumption of drone …
As global crude oil prices surge above $100 per barrel following the blockade of the Strait of Hormuz, Nigerian households and businesses are bracing for a prolonged period of economic pain. The Strait of Hormuz, a critical maritime route through which about 20 per cent of the world’s oil and gas supply passes daily, has …
The hope for cheaper fuel has been dampened after Iran closed the Strait of Hormuz again on Saturday, reversing the brief optimism that followed its reopening on Friday. Iran's military declared the Strait of Hormuz blocked again on Saturday, April 18, hours after it was reopened. The move is a direct response to the U.S. …
Following the announcement of a 10-day ceasefire between Israel and Lebanon, Iran has officially declared the Strait of Hormuz "completely open" for all commercial vessels. The reopening, announced on Friday, April 17, 2026, by Iranian Foreign Minister Abbas Araghchi, marks a significant shift in the process towards resolving the Middle East conflict. This development comes …
As conflict in the Middle East enters the second month, there are concerns about the ripple effects on developing economies that depend on imported energy, fertilisers and staple food commodities. For Nigeria, a country already grappling with inflation, currency volatility, and structural inefficiencies, the stakes are particularly high. Rising Costs at the Markets At the …
For many Nigerians, the daily commute has become an exhausting test of endurance, as soaring fuel prices continue to reshape livelihoods, businesses, and basic mobility across the country. The Global Catalyst: Conflict and Crude Surges While parts of the Middle East are being ravaged by the ongoing conflict involving the United States, Israel, and Iran, …
Africa's richest man, Aliko Dangote, has warned that Nigeria and the broader African continent will face severe economic consequences if the ongoing Middle East conflict continues to escalate. Speaking on Monday after a courtesy visit and Eid-el-Fitr homage to President Bola Tinubu at his Ikoyi residence in Lagos, Dangote cautioned that while Nigeria has no …
The ongoing escalation of the crisis in the Middle East, specifically the conflict involving the U.S., Israel, and Iran, has pushed Brent crude prices above $100 per barrel. While this exceeds Nigeria’s budget benchmark of $64.85 per barrel, several structural and economic factors suggest the country may not fully reap the rewards of this surge. …
Oil prices have further surged as the ongoing conflict in the Middle East continues to disrupt supply chains, particularly through the Strait of Hormuz. After a brief dip on Monday, March 16, prices rebounded sharply on Tuesday, March 17, as attacks ravaged parts of the Gulf region, raising more fears of supply disruption. According to …
Nigerians are grappling with renewed economic pressure after oil marketers raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to as high as ₦1,330 per litre at some filling stations, intensifying the burden on commuters and transport operators already struggling with rising cost of living. The ripple effects of regional conflicts …
