The Federal Government has called for an immediate end to hostilities between the Islamic Republic of Iran and the State of Israel, urging both parties to exercise maximum restraint in the interest of regional and global peace.
In a statement, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, expressed grave concern over the recent escalation marked by sustained missile and aerial exchanges between the two nations.
Tuggar warned that the cycle of retaliation not only endangers civilian lives but also risks further destabilizing the broader Middle East, with potential repercussions for international security and economic stability.
“Nigeria expresses its grave concern and calls for an immediate cessation of hostilities and urges both parties to exercise utmost restraints in the interest of regional and global peace,” the statement reads in part.
He called on the international community, particularly the United Nations Security Council, to intensify efforts towards immediate de-escalation and to facilitate constructive dialogue.
Emphasizing that military action cannot replace diplomacy, Tuggar reiterated Nigeria’s stance that lasting peace can only be achieved through negotiation, mutual respect, and adherence to international law.
He affirmed Nigeria’s readiness to support all credible efforts to reduce tensions and foster peace in the region.
Rising tensions may drive up fuel prices in Nigeria – Analysts say
Analysts have said the fresh wave of geopolitical tensions between both countries may soon translate into higher fuel prices in Nigeria.
Oil prices spiked sharply after the strikes, which also reportedly killed senior Iranian military commanders.
Brent crude soared by as much as 13% in intraday trading—the largest jump since March 2022 before settling at a 7.6% gain.
Speaking to Nairametrics, Jide Pratt, Country Manager of TradeGrid and COO of Aiona, emphasized the direct connection between Middle Eastern instability and fuel prices in Nigeria.
“Iran, being a major oil-producing nation, is a trigger for the prices of crude oil,” Pratt explained. “As such, with the bombing, the immediate effect we see is that prices of Brent have gone up to $78 and now about $73 as an immediate reaction.”
He added that, should tensions escalate further, the consequences could be even more severe. “If this escalates, then the prices will go up and so will the prices of distillates here in Nigeria and across the world.”
“While the oil price spike may bring increased revenue to the Nigerian government, analysts stress the need for prudent financial management. In all, more revenue for the Federal Government and states—if they spend it in a frugal way,” Pratt noted.
Energy economist Edwin Eze of the Abuja-based Centre for Energy Policy also noted, “For Nigeria, that could mean an increase in landing costs and ex-depot prices, which may eventually be passed on to consumers.”
What you should know
- On June 12, Israel launched rounds of attacks on several locations in Iran, including the Natanz nuclear site and Tabriz.
- Prime Minister of Israel Benjamin Netanyahu said strikes targeted Iran’s nuclear and ballistic missile programs and that the operation would continue until the threat was removed.
- Hours after the first Israeli strikes, Tehran launched more than 100 drones.
