Nigeria pushes Gulf states to partner on energy amid Middle East conflict
Nigeria's Minister of Foreign Affairs, Yusuf Tuggar, urged Gulf oil and gas producers to view Nigeria as a partner rather than a rival during the Middle East conflict. The minister highlighted Nigeria's untapped reserves as an alternative source of crude and gas, especially as global flows are disrupted by the Iran war and Strait of Hormuz shipments. This comes as Nigerian petrol prices surged over 25% to nearly N1,400 per litre in Abuja, worsening the cost-of-living crisis since fuel subsidy removal in 2023. Nigeria's oil output increased to 1.7 million barrels daily under President Tinubu, with Dangote Refinery operating at full capacity. However, Nigeria still imports refined products, increasing transport and food costs during Ramadan. The UAE-Nigeria trade agreement signed in January aims to boost investment, though analysts caution about execution risks. Will you monitor fuel prices and consider alternative transport options given the ongoing conflict's impact on global supply?