The Lagos State chapter of the All Progressives Congress (APC) has expressed concern over the evolving crisis in the Middle East, warning that the conflict could negatively impact Nigeria’s economic recovery and threaten recent macroeconomic gains.
In a statement issued on Wednesday, the Lagos APC Spokesman, Seye Oladejo, said the party had been closely monitoring developments in the region and their implications for global economic stability, including Nigeria’s fragile recovery process.
Oladejo noted that although the conflict is external to Nigeria, instability in a region that plays a central role in global energy supply and international trade could create fresh uncertainties in international markets.
He explained that disruptions in global supply chains, volatility in energy markets and rising international trade costs may increase pressure on inflation, exchange rate stability and fiscal planning in Nigeria.
“For Nigeria, which has only recently begun to record encouraging signs of macroeconomic stabilisation, the crisis represents a significant external shock and a potential setback to some of the gains recorded in recent months,” he said.
The APC spokesman added that while fluctuations in global crude oil prices may temporarily boost revenues for oil-producing nations, such gains are often offset by broader economic pressures including higher import costs, global inflationary trends and uncertainty among investors.
Oladejo stressed the need for careful economic management and proactive policy measures, including economic diversification, stronger domestic production, fiscal discipline and structural reforms to cushion the effects of external shocks.
He also commended the Federal Government of Nigeria for ongoing efforts to stabilise the economy and urged the international community to intensify diplomatic efforts to de-escalate tensions in the Middle East, expressing confidence that Nigeria would navigate the global uncertainties successfully.
