Rising fuel prices driven by escalating tensions in the Middle East may disrupt Nigeria’s manufacturing sector and broader economy, with operators warning of mounting pressure on supply chains, production costs, and consumer prices.
The Manufacturers Association of Nigeria warned that surging fuel prices pose a significant risk to manufacturing operations, stressing that heavy reliance on trucks for logistics and generators for power makes the sector highly vulnerable to energy shocks. The Lagos Chamber of Commerce and Industry also cautioned that Nigeria remains exposed to global oil market volatility, noting that any spike in crude prices would directly impact domestic fuel costs and the wider economy despite local refining efforts.
MAN noted that rising fuel prices, triggered by the conflict involving the United States, Israel, and Iran, including reported attacks on vessels along the Strait of Hormuz, could worsen inflationary pressures and disrupt supply chains nationwide.
Nigeria records highest fuel price hike globally
