The All Progressives Congress (APC) in Lagos State has expressed concern over the evolving crisis in the Middle East and its possible implications for Nigeria’s economic stability and recovery.
The spokesman of the ruling party in the state, Seye Oladejo, made the remarks in a statement he issued on Wednesday.
According to the Lagos APC, although the conflict is outside Nigeria, developments in the region could affect the country’s economic outlook and recent macroeconomic progress.
Oladejo said the party had been monitoring developments in the Middle East and their potential impact on global stability and economic recovery in several countries, including Nigeria.
“While the situation continues to evolve, the developments in the region may have implications for Nigeria’s economic recovery efforts,” he said.
He noted that instability in a region central to global energy supply and international trade could create uncertainty in global markets, with possible effects on commodity prices, investment flows and financial stability.
“For Nigeria, which has recently begun to record signs of macroeconomic stabilisation, the situation could present an external challenge that may affect some of the gains recorded in recent months,” Oladejo stated.
He added that disruptions in global supply chains, volatility in energy markets and rising costs in international trade could increase pressure on inflation, exchange rate stability and fiscal planning.
The statement reads, “We’ve been closely observing the unfolding developments in the Middle East and the broader implications they hold for global stability and economic recovery across many nations, including Nigeria.
“While the situation continues to evolve, it’s important to acknowledge that the ongoing conflict unfortunately poses a negative impact on Nigeria’s economic recovery efforts.
“The instability in a region that plays a central role in global energy supply and international trade has created fresh uncertainties in global markets, affecting commodity prices, investment flows, and overall financial stability.
“For Nigeria, which has only recently begun to record encouraging signs of macroeconomic stabilisation, the crisis represents a significant external shock and a potential setback to some of the gains recorded in recent months.
“Disruptions in global supply chains, volatility in energy markets, and rising costs in international trade may place additional pressure on inflation, exchange rate stability, and fiscal planning.
“Although fluctuations in global crude oil prices may present short-term revenue opportunities for oil-producing nations, such gains are often offset by broader economic pressures including higher import costs, global inflationary trends, and increased uncertainty for investors.
“These realities underline the complex nature of the global economic environment and the need for cautious and strategic policy responses.
“The Lagos APC therefore emphasises the importance of careful economic management and proactive policy measures to mitigate the potential impact of these external shocks.
“Continued efforts toward economic diversification, strengthening domestic production, fiscal discipline, and structural reforms remain vital in building Nigeria’s resilience against global crises beyond our control.
“We commend the Federal Government for its ongoing efforts to stabilize the economy and implement reforms aimed at restoring investor confidence and improving fiscal sustainability.
“We also take pride in the sound judgment and strategic direction demonstrated by the government’s economic management team in navigating the complex challenges confronting the nation.
“Equally commendable is the patriotic resilience and enduring optimism of the Nigerian people, whose perseverance continues to support the country’s ongoing reform and recovery process.
“We further call on the understanding and support of the general public, the private sector, and all relevant stakeholders as the Federal Government implements measures to absorb and ameliorate the effects of this unforeseen global development.
“Collective patience, cooperation, and commitment from all Nigerians will be crucial in ensuring that the nation navigates these challenges effectively while sustaining the momentum of economic recovery.
“At the same time, we urge the international community to intensify diplomatic engagements aimed at de-escalating tensions in the Middle East, as global peace and stability remain indispensable for sustained economic growth and development.
“The All Progressives Congress, Lagos State Chapter, remains committed to supporting policies and initiatives that protect Nigeria’s economic interests, strengthen national resilience, and ensure that temporary global disruptions do not derail the nation’s long-term path toward sustainable growth and prosperity.
“Nigeria has overcome global shocks in the past, and with prudent leadership, unity of purpose, and sound economic management, we remain confident that the country will continue to navigate these challenges successfully.”
