• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

  • Fact-Check
  • Economy
    • Customs Partners US Mission to Prevent Expanded Visa Ban

      Nigeria Customs Partners China on Smarter Ports, Officer Training, Reforms

      Comptroller General Nigerian Customs Bashir Adewale

      Customs Moves Against 223 Importers in N379bn Permit Breach

      Bashir Adewale Adeniyi Customs Boss

      How Customs is Tightening Borders to Stop Illicit Cash Flows –…

      Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

      Codeine, Tramadol Worth ₦20.5bn Seized as Customs-NAFDAC Cooperation Deepens

  • National
    • Nigerian Air Force Welcomes 30 New Helicopter Pilots, Commissions Upgraded Facilities

      National Blood Service Agency

      FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from…

      Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development

      DCG Olumode Samuel Adeyemi

      JUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire Service

      Okello Oculi

      Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo…

    • Government
      • National Blood Service Agency

        FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from…

        Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development

        Minister of State for Agriculture, Dr Aliyu S. Abdullahi,

        FG Redesigns Agricultural Curriculum to Empower Youth

        Prof. Attahiru Jega, Co-Chairman of the Presidential Committee on Livestock Reforms,

        FG Unveils Livestock Blueprint to End Herdsmen-Farmers Crisis

        Saidu Ahmed Alkali,

        FG Completes 135 Roads, Launches 216 New Projects in Northern Nigeria

  • Security
    • Nigerian Air Force Welcomes 30 New Helicopter Pilots, Commissions Upgraded Facilities

      DCG Olumode Samuel Adeyemi

      JUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire Service

      Troops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover Firearms

      Police Officer

      Police Nab Woman Linked to Murder of Pregnant Nurse, Mutilation in…

      Coordinated Security Efforts Making Nigeria Safer Under Tinubu’s Administration – NSA…

  • Features
    • Okello Oculi

      Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo…

      Leon Usigbe

      Death, you can’t be Proud of this By Abdulrahman Abdulraheem 

      Tinubu’s Plateau Gambit – Yilwatda, 2027, and the Return of the…

      Ozumi and a recipient of a wheelchair

      Wheels of Hope: How a Simple Gift is Reshaping Lives at…

      Late Ex-President Muhammadu Buhari and Mansur Liman

      “Buhari: A Blunt, Honest Leader Who Laughed at His Own Predicament”

  • State
    • National Blood Service Agency

      FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from…

      Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development

      Troops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover Firearms

      nipr logo

      NIPR Slams Fake News Peddlers over Alleged Lafia Flyover Collapse

      Alhaji Ahmed Maiyaki, Commissioner of Information, Kaduna State

      Kaduna Governor Appoints Strategic Communicator, Ahmed Maiyaki as Information Commissioner

  • Event
    • Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

      IPRA Celebrates 70th Anniversary, Hosts 2025 Golden World Awards in Ghana

      IMPR Interns

      Unpacking Dr. Fatima Binta’s NIPR Vision: A Candid Chat with PRNigeria…

      Dr. Ahmadu Fatimah Binta

      Beyond the Clinic: Dr. Fatimah Binta Reveals PR’s Impact on Medicine

      FGC Yauri schoolgirls

      Kidnapped FGC Yauri Schoolgirls Defy Odds, Graduate with Distinction from Top…

      Super Falcons wins WAFCON Trophy

      VON Apologizes for Erroneous WAFCON Report, Cites Possible Security Breach, Identifies…

    • PR Nigeria Award
  • E-Paper
Home Features Israel-Iran Tensions and Nigeria’s Economic Firewall By Umar Farouk Bala
  • Features
  • General
  • Government

Israel-Iran Tensions and Nigeria’s Economic Firewall By Umar Farouk Bala

By
Umar Farouk Bala
-
June 17, 2025
Ayatollah Ali Khamenei, Iran’s Supreme Leader and Benjamin Netanyahu, Israel Prime Minister

Israel-Iran Tensions and Nigeria’s Economic Firewall By Umar Farouk Bala

The recent escalation of hostilities between Israel and Iran has sent ripples through global markets, jolting energy prices, unsettling investor confidence, and reshaping inflation forecasts across continents.

While much of the world braces for volatility, Nigeria is quietly turning adversity into advantage—thanks to an unprecedented level of domestic fuel self-sufficiency, driven by the expanding operations of local refineries, particularly the Dangote Petroleum Refinery.

Following the outbreak of the conflict, crude oil prices surged from $65 to $75 per barrel—a 15 percent jump within days. For most nations, this spells trouble. But for Nigeria, which relies heavily on oil exports, this spike offers a crucial economic boost at a most opportune time.

For decades, Nigeria’s overdependence on imported petroleum products made it especially vulnerable to global shocks. Each time tensions flared abroad, Nigerians could predict the painful aftermath: petrol scarcity, endless queues, soaring prices, and an economy strained by avoidable dependency.

The Russia-Ukraine war in 2022 was a vivid reminder. Fuel queues snaked through city centers for days. Motorists slept in vehicles, only to return home empty-handed. Premium Motor Spirit (PMS) prices soared, adding pressure to households already battling inflation.

But today, a new narrative is emerging—fueled by rising local refining capacity and economic foresight. The 650,000-barrel-per-day Dangote Petroleum Refinery, operating at near full capacity, is at the center of this transformation.

Alongside the revival of other domestic refineries, it is rewriting Nigeria’s economic playbook. According to the National Bureau of Statistics (NBS), Nigeria’s petrol import bill fell sharply from $2.6 billion in Q1 2024 to just $1.2 billion in Q1 2025—a staggering 54 percent year-on-year decline.

This marks the lowest import expenditure since 2020 and reflects a structural shift in how the country meets its energy needs. The numbers are profound. In August 2024, Nigeria imported 44.6 million litres of petrol daily. By mid-April 2025, that figure had dropped to just 14.7 million litres.

Read Also:

  • Nigerian Air Force Welcomes 30 New Helicopter Pilots, Commissions Upgraded Facilities
  • FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from NBSA
  • Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development

Meanwhile, domestic production surged by 670 percent, with local refineries now churning out 26.2 million litres per day. The Dangote Refinery alone supplies over 30 million litres daily, satisfying up to 60 percent of national demand. This shift is not only saving billions but is also reinforcing Nigeria’s macroeconomic foundations.

Higher global oil prices mean stronger foreign exchange inflows. Since oil accounts for nearly half of government revenue and remains the largest source of forex earnings, this windfall is enhancing fiscal stability and economic confidence.

President Bola Tinubu’s decision in 2023 to float the Naira was a bold gamble. But with increasing oil revenues and reduced import pressure, the Naira has shown relative resilience, hovering around ₦1,500 to the dollar. This newfound stability may pave the way for gradual appreciation as oil exports grow.

Furthermore, higher revenues could accelerate fiscal consolidation. Nigeria’s debt, especially crude-backed loans, may be repaid more swiftly. That, in turn, could free up resources for strategic investments in education, healthcare, infrastructure, and national security.

Beyond economic indicators, the current geopolitical crisis is rekindling interest in Nigeria’s upstream oil and gas assets. As global investors seek safer and more profitable energy frontiers, Nigeria is regaining attention—mirroring the boom era of the early 2000s under President Olusegun Obasanjo.

This could usher in new investments, job creation, and industrial expansion—key drivers of poverty reduction and inclusive growth. Most importantly, Nigeria is no longer as exposed to global supply chain disruptions. Citizens are increasingly insulated from the shocks once imposed by distant conflicts or foreign oil cartels.

The fuel pump no longer serves as a symbol of helplessness. While the Israel-Iran conflict remains a source of global anxiety, Nigeria is proving that with vision, investment, and strategic policy alignment, crisis can be turned into opportunity.

The country now stands at the crossroads of transformation. With oil export earnings rising and fuel import dependence falling, Nigeria has a rare chance to stabilize its currency, reduce inflation, and chart a more self-reliant path forward.

In a world where developing economies often suffer most during geopolitical crises, Nigeria’s rising energy self-sufficiency offers a different story—one of resilience, preparedness, and possibility. If this momentum is sustained, Nigeria may finally break free from the cycles of boom and bust, and move steadily toward economic sovereignty and long-term prosperity.

Umar Farouk Bala is a serving NYSC corps member at the PRNigeria Centre, Abuja.

He can be reached via: [email protected]

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Israel-Iran Tensions
  • Nigeria’s Economic Firewall
Previous articleTroops Arrest Suspected Bandit Impersonating Soldier, Recover Arms in Kaduna, Plateau
Next articleNigerian Hydrography Agency Unveils $10m Revenue Potential from Electronic Charts
Umar Farouk Bala
Umar Farouk Bala

RELATED ARTICLESMORE FROM AUTHOR

National Blood Service Agency

FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from NBSA

Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development

Minister of State for Agriculture, Dr Aliyu S. Abdullahi,

FG Redesigns Agricultural Curriculum to Empower Youth

Saidu Ahmed Alkali,

FG Secures China Funding to Fast-Track Kaduna–Kano Rail Completion

Prof. Attahiru Jega, Co-Chairman of the Presidential Committee on Livestock Reforms,

FG Unveils Livestock Blueprint to End Herdsmen-Farmers Crisis

Saidu Ahmed Alkali,

FG Completes 135 Roads, Launches 216 New Projects in Northern Nigeria

Troops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover Firearms

nipr logo

NIPR Slams Fake News Peddlers over Alleged Lafia Flyover Collapse

Tinubu Offers Automatic Jobs, Gifts N250k to 210 Ex-Corpers

Alhaji Ahmed Maiyaki, Commissioner of Information, Kaduna State

Kaduna Governor Appoints Strategic Communicator, Ahmed Maiyaki as Information Commissioner

Okello Oculi

Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo Kawu

Coordinated Security Efforts Making Nigeria Safer Under Tinubu’s Administration – NSA Ribadu

Recent Posts

  • Nigerian Air Force Welcomes 30 New Helicopter Pilots, Commissions Upgraded Facilities
  • FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from NBSA
  • Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development
  • FG Redesigns Agricultural Curriculum to Empower Youth
  • FG Secures China Funding to Fast-Track Kaduna–Kano Rail Completion
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Nigerian Air Force Welcomes 30 New Helicopter Pilots, Commissions Upgraded FacilitiesFG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from NBSATinubu's Government Unveils Multi-Sectoral Initiatives to Boost Northern Region's DevelopmentFG Redesigns Agricultural Curriculum to Empower YouthFG Secures China Funding to Fast-Track Kaduna–Kano Rail CompletionFG Unveils Livestock Blueprint to End Herdsmen-Farmers CrisisFG Completes 135 Roads, Launches 216 New Projects in Northern NigeriaJUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire ServiceTroops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover FirearmsPolice Nab Woman Linked to Murder of Pregnant Nurse, Mutilation in Anambra NIPR Slams Fake News Peddlers over Alleged Lafia Flyover CollapseTinubu Offers Automatic Jobs, Gifts N250k to 210 Ex-CorpersKaduna Governor Appoints Strategic Communicator, Ahmed Maiyaki as Information CommissionerCustoms Partners US Mission to Prevent Expanded Visa BanOkello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is'haq Modibbo Kawu
X whatsapp