Photo: Collected
The escalation of the ongoing conflict in the Middle East could spike global oil prices and that could result in slowing down economic growth, Ben Akabueze, the Director General of the Nigerian Budget Office of the Federation said.
“If the conflict escalates, it might have implications for global oil prices, oil markets, and to that extent,” Akabueze said. “We don't want to see oil prices rising to the point where they begin to slow down economic growth globally and create a problem.”
Akabueze noted that at the moment, Nigeria has not been affected by the conflict, stressing that it is a non-aligned country.
He also added that if global oil supplies get disrupted on account of the conflict and result in an oil price increase, that's not likely to hurt Nigeria, as it is an oil exporter.
The International Monetary Fund (IMF) warned on Tuesday that any escalation in the conflicts in the Middle East and Ukraine could generate supply shocks that will cause spikes in the prices of food, energy, and transportation.
On Saturday night, Iran's Islamic Revolutionary Guard Corps launched over 300 drones and missiles at Israel in its first-ever direct attack on Israeli territory, the Israel Defense Forces (IDF) said. Iranian state media reported that Iran had fired at least seven hypersonic missiles at Israel, with none of them intercepted.
Israel's war cabinet is meeting on Tuesday (16 April) to discuss the potential retaliation. Both civilian and military officials of Israel have said earlier this week that a response will follow.
Messenger/Mumu
