UNCTAD Identifies Nigeria as Beneficiary of Rising Oil Prices

The United Nations Conference on Trade and Development (UNCTAD) has named Nigeria among oil and gas exporters likely to benefit from increased global energy prices due to the conflict in the Middle East. The 2026 Trade and Development Report indicates that Nigeria, alongside Angola, Guyana, and Kazakhstan, could see enhanced export earnings as Brent crude prices surged from approximately $70 to over $110 per barrel following the conflict.

However, the report warns that Nigeria's insufficient domestic refining capacity may diminish these benefits, as rising refined fuel costs could offset gains from higher crude prices. The report also highlights that the energy shock could lead to inflation, tighter monetary policy, and increased borrowing costs.

UNCTAD projects global economic growth of 2.6% in 2026, with developing economies expected to grow by 4%. Additionally, the report emphasizes the need for stronger multilateral support and increased domestic financing to address energy supply constraints and reduce reliance on international refined fuel markets.