Middle East Crisis: Lagos APC raises concerns over Nigeria’s economic gains

The Lagos State chapter of the All Progressives Congress (APC) has expressed concern over the evolving crisis in the Middle East and its possible implications for Nigeria’s economic stability and recovery.

The party’s spokesman, Seye Oladejo, made the remarks in a statement issued on Wednesday.

According to the Lagos APC, although the conflict is outside Nigeria, developments in the region could affect the country’s economic outlook and recent macroeconomic progress.

Oladejo said the party had been monitoring developments in the Middle East and their potential impact on global stability and economic recovery in several countries, including Nigeria.

“While the situation continues to evolve, the developments in the region may have implications for Nigeria’s economic recovery efforts,” he said.

He noted that instability in a region central to global energy supply and international trade could create uncertainty in global markets, with possible effects on commodity prices, investment flows and financial stability.

“For Nigeria, which has recently begun to record signs of macroeconomic stabilisation, the situation could present an external challenge that may affect some of the gains recorded in recent months,” Oladejo stated.

He added that disruptions in global supply chains, volatility in energy markets and rising costs in international trade could increase pressure on inflation, exchange rate stability and fiscal planning.

Oladejo further noted that while fluctuations in global crude oil prices may create short-term revenue opportunities for oil-producing countries, such gains may also come with broader economic pressures, including higher import costs and global inflationary trends.

“These realities underline the complexity of the global economic environment and the need for careful and strategic policy responses,” he said.

The Lagos APC emphasised the importance of prudent economic management and proactive policy measures to mitigate the impact of external shocks.

It also highlighted the need for continued efforts toward economic diversification, strengthening domestic production, fiscal discipline and structural reforms to improve Nigeria’s resilience to global economic developments.

The party commended the Federal Government for ongoing efforts aimed at stabilising the economy and implementing reforms intended to improve investor confidence and fiscal sustainability.

It also called for the support and understanding of the public, the private sector and other stakeholders as the government implements measures to manage the effects of global developments.

The Lagos APC further urged the international community to intensify diplomatic efforts to ease tensions in the Middle East, noting that global peace and stability remain important for sustained economic growth and development.

The party reaffirmed its commitment to supporting policies and initiatives aimed at protecting Nigeria’s economic interests and strengthening national resilience in the face of global economic challenges.