Nigeria’s Economy in Shock as Middle East Crisis Drives Petrol to N1,330 – Wale Edun

Finance Minister Wale Edun has said Nigeria’s economy is in shock due to the Middle East crisis, with petrol prices rising over 50% from N890-N900 to N1,260-N1,330. Diesel prices surged over 70% to about N1,550 per litre at peak. Edun spoke ahead of the IMF/World Bank Spring Meetings in Washington, where the IMF anticipates up to $50 billion in emergency financing may be needed for countries hit by balance-of-payments shocks. Key Points: Bonny Light jumped from $70-$73 to highs exceeding $110-$120 per barrel. The US has ordered a blockade of Iranian ports in the Strait of Hormuz. Iran warns of a “deadly vortex” for any enemy that makes a wrong move. Nigeria’s oil production has increased to 1.86 million barrels per day. The government is maintaining a liberalised foreign exchange market. Sources: Channels Television