The Lagos chapter of the All Progressives Congress (APC) has expressed concern over the escalating crisis in the Middle East, warning that the situation could slow Nigeria’s ongoing economic recovery and undermine some of the macroeconomic gains recorded in recent months.
The party said although the conflict is occurring outside Nigeria, its implications for global energy markets and international trade could negatively affect the country’s economic stability.
According to the Lagos APC Spokesman Seye Oladejo, the developments in the Middle East are being closely monitored because of the region’s strategic importance to global energy supply and international commerce.
“The instability in a region that plays a central role in global energy supply and international trade has created fresh uncertainties in global markets, affecting commodity prices, investment flows and overall financial stability,” Oladejo stated.
The Lagos APC spokesman, in a statement made available to newsmen on Wednesday, noted that Nigeria had only recently begun to experience signs of macroeconomic stabilization, adding that the unfolding crisis could constitute a major external shock to the country’s fragile recovery.
He warned that disruptions to global supply chains, volatility in energy markets and rising costs associated with international trade could exert additional pressure on inflation, exchange rate stability and fiscal planning.
Oladejo further observed that while higher crude oil prices triggered by global tensions might provide short-term revenue benefits for oil-producing countries such as Nigeria, the broader economic consequences often outweigh such gains.
He explained that rising import costs, global inflationary pressures and heightened uncertainty among international investors could complicate the country’s economic outlook.
Against this backdrop, the APC spokesman called for careful economic management and proactive policy measures to cushion the potential impact of the crisis on Nigeria’s economy.
He emphasized the need to intensify economic diversification efforts, strengthen domestic production, maintain fiscal discipline and sustain ongoing structural reforms to improve the country’s resilience against external shocks.
It also commended the Federal Government for efforts aimed at stabilizing the economy and implementing reforms designed to restore investor confidence and improve fiscal sustainability.
The Lagos APC spokesperson noted that the government’s economic management team had shown strategic direction in navigating the country through complex economic challenges.
The party equally praised Nigerians for their resilience and optimism, saying the support and patience of citizens remain critical to the success of the nation’s ongoing reform and recovery process.
It therefore called on the public, private sector operators and other stakeholders to cooperate with government initiatives aimed at cushioning the impact of the global crisis on the domestic economy.
Oladejo urged the international community to intensify diplomatic engagement to de-escalate tensions in the Middle East, stressing that global peace and stability are essential for sustained economic growth and development.
The Lagos APC spokesman reaffirmed its commitment to supporting policies and initiatives that would protect Nigeria’s economic interests and strengthen the country’s resilience against global disruptions.
He expressed confidence that with prudent leadership, unity of purpose and sound economic management, Nigeria would overcome the challenges posed by the crisis and sustain its path toward long-term economic growth.
