• 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
    • 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…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs Takes Anti-Money Laundering Fight to the Skies

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

  • National
    • ASUU

      “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

      Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      Police Officer

      Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover Weapons

      Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

    • Government
      • ASUU

        “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

        NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

        At BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health…

        Tinubu conference centre generates N700m in 3 weeks – Wike

        Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

  • Security
    • Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

      Police Officer

      Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover Weapons

      NDLEA Logo

      NDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects…

      NAF Airstrikes, NAF Air, NAF jets

      Scores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in…

  • Features
    • Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      What Life Really Looks Like for Nigerians Battling Sickle Cell, By…

      Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

      From SDP to ADA to ADC: Can the New Opposition Coalition…

  • State
    • NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

      NDLEA Logo

      NDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects…

      NAF Airstrikes, NAF Air, NAF jets

      Scores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in…

      Troops of Operation FANSAN YANMA

      Troops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in Katsina

      The suspected notorious Militia member

      Troops Nab Notorious Militia, Recover Weapons in Plateau State

  • Event
    • Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

    • 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:

  • “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike
  • From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa Ilallah
  • NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in Algeria

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

ASUU

“No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa Ilallah

NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in Algeria

What Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat Ibrahim

Police Officer

Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover Weapons

NDLEA Logo

NDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects in Edo

PRNigeria logo fearured image

Group Condemns Amaechi’s Comment as Inciteful, Dangerous

NAF Airstrikes, NAF Air, NAF jets

Scores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in Mandara Mountains

Troops of Operation FANSAN YANMA

Troops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in Katsina

At BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health Systems

The suspected notorious Militia member

Troops Nab Notorious Militia, Recover Weapons in Plateau State

Shittu Yunus Shittu

Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

Recent Posts

  • “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike
  • From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa Ilallah
  • NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in Algeria
  • Nigeria Customs Takes Anti-Money Laundering Fight to the Skies
  • What Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat Ibrahim
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
"No Pay, No Work": ASUU Orders Members to Commence Nationwide StrikeFrom Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa IlallahNPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in AlgeriaNigeria Customs Takes Anti-Money Laundering Fight to the SkiesWhat Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat IbrahimPolice Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover WeaponsNDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects in EdoGroup Condemns Amaechi’s Comment as Inciteful, DangerousScores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in Mandara MountainsTroops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in KatsinaNAF Airstrikes Crush Terrorist Camps in Mandara Mountains, Kill Senior JAS FightersAt BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health SystemsTroops Nab Notorious Militia, Recover Weapons in Plateau StateCan Nigeria Lead Africa’s AI Revolution? By Shittu Yunus ShittuTinubu to Troops: You Have My Full Backing to Crush Terrorists, Separatists
X whatsapp