Nigeria is poised to contribute its oil reserves to alleviate the global energy crisis triggered by the escalating Middle East conflict, Minister of Information and National Orientation, Mohammed Idris, has announced.
In an interview with BBC Africa on the sidelines of President Bola Tinubu’s UK visit, Idris emphasized Nigeria’s readiness to support global energy security, stating, “Nigeria is ever ready to contribute to energy security around the world”.
The minister’s comments come as the US-Israeli war against Iran has led to a global oil shortage, with prices surging due to disrupted supplies from the region.
The Nigerian Economic Summit Group (NESG) projects that Nigeria could earn up to N30.2 trillion in additional oil revenue if the conflict persists, presenting a rare opportunity for the country to strengthen its macroeconomic position.
However, experts caution that Nigeria’s ability to capitalize on this windfall is hindered by production constraints, infrastructure challenges, and global market volatility.
The conflict has also led to a 17% reduction in Qatar’s LNG export capacity, threatening supplies to Europe and Asia.
