Nigeria to Gain from Rising Oil Prices Amid U.S.-Iran Conflict

A recent BMI report indicates that Nigeria is poised to benefit from the rising global oil prices, which have surged due to the ongoing conflict between the United States and Iran. As of Thursday, crude oil prices reached $84 per barrel, surpassing Nigeria's 2026 budget benchmark of $64.85 per barrel.

The report emphasizes that while the conflict in the Middle East is driving energy prices higher, it could also disrupt shipping routes, potentially affecting Nigeria's trade terms. Despite these risks, Nigeria, as an oil-exporting country, is expected to see positive effects from the increased crude prices.

The report also notes that Angola may benefit from higher oil prices, although its limited refining capacity could dampen the overall impact of its exports. The ongoing tensions in the region, including U.S. military actions and Iranian responses, continue to influence global markets and economic opportunities for countries in sub-Saharan Africa.