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How the Iran War Is Hitting Nigerian Pockets: Brent Above $100, Costlier Food and Fuel
Photo: THISDAY
The war in the Middle East is now part of Nigeria's cost-of-living story. Finance Minister Taiwo Oyedele said on 8 October that the conflict is in its eighth month, with shipping through the Strait of Hormuz at about 13% of pre-war levels by mid-September and Brent crude above $100 a barrel, roughly 50% above pre-war levels.
Al Jazeera reported in late September on rising malnutrition in Nigeria as the "US war on Iran" raises food costs.
The effect is global. FXStreet reports that airlines worldwide are cutting lower-cost flights because fuel prices have doubled since the start of the war in Iran.
That backdrop is why the Federal Government is offering a 30-day petrol discount at NNPC stations and proposing a N1,350-per-litre ceiling on ex-gantry prices, while labour and the opposition say it is not enough.
How is it hitting your pocket? Tell us with #Trending9ja
Sources: THISDAY · Al Jazeera, Nigeria coverage · FXStreet, EU News Monthly
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