Wale Edun: Nigeria Poised to Benefit from Rising Oil Prices Amid Global Tensions

Finance Minister Wale Edun says Nigeria is ready to harness revenue gains from higher crude oil prices while managing economic risks. Speaking at a World Bank event in Abuja, he noted that global conflicts have driven up oil prices—boosting government income but also raising costs for energy and food production. Edun warned that rising gas prices are fueling inflation through higher fertiliser and food costs. He added that increased interest rates abroad could raise Nigeria’s borrowing costs. He credited recent economic reforms for strengthening Nigeria’s position and urged consistent fiscal and monetary policies to maintain stability and investor confidence. Central Bank Deputy Governor Mohammed Sani Abdullahi said Nigeria is better prepared for global shocks thanks to foreign exchange reforms. He highlighted a more transparent forex market, signs of naira appreciation, strong external reserves, and plans for a new forex manual to attract investment. A World Bank update forecast average growth of around 4.2% between 2026 and 2028 but cautioned that inflation and poverty remain high. It recommended disciplined fiscal management, continued reforms, social safety nets, and greater investment in healthcare, nutrition and education to ensure inclusive growth.

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