Expert Urges Tinubu to Take Proactive Steps Against Economic Hardship from Middle East War
Engr. Micheal Ale, a development expert and founder of the Global Initiative for Nigeria Development (GlND), has issued a stark warning to President Bola Ahmed Tinubu and the National Assembly. He is urging them to implement proactive measures to forestall impending economic hardship that could arise from energy price hikes triggered by the ongoing conflict in the Middle East.
Closure of Strait of Hormuz Sparks Global Energy Crisis
Ale highlighted that the escalation of the U.S.-Israel versus Iran war has led to a sudden closure of the Strait of Hormuz by Iranian authorities. This strategic waterway is crucial for global energy transport, facilitating the passage of approximately 20% of the world's oil. The expert noted that this development poses a serious threat to energy availability worldwide, resulting in a snowballing increase in fuel and other energy source prices.
He made these remarks in a statement released to newsmen in Ado Ekiti, coinciding with the celebration of World Water Day. Currently in the United States to attend the 2026 Smart Water Policies Fly-In Conference in Washington DC as a resource member of the National Ground Water Association (NIGWA), Ale emphasized the urgency of the situation.
Call for a Technocrat Committee to Address the Crisis
"As we celebrate World Water Day, we immediately notice that the world is currently in an almost unprecedented hardship forced on us by the ongoing U.S.-Israel versus Iran war," Ale stated. "Iranian authorities have begun fighting back after the killing of their leaders, recently closing their waterways, the Strait of Hormuz. This is bringing a serious price hike on energy to the global community."
He warned that Nigeria, though not directly involved in the conflict, would witness harsher economic woes in the coming days due to worsening hikes in energy prices. "We cannot afford to let things get out of hand," he stressed.
Ale advised that President Tinubu and the National Assembly should constitute a high-powered stakeholders' committee, comprising mainly experts and technocrats. This committee would urgently work out modalities to cushion the effect of the inevitable hardship.
Impact on Global and Nigerian Oil Markets
The closure of the Strait of Hormuz has already caused global oil prices to surge. According to Ale, prices have risen to $120 per barrel from the usual $78 per barrel, and they could escalate further to $250 per barrel if the situation does not abate. "What this portends for our country economically is that our livelihood in general will be affected," he explained.
While Nigeria produces crude oil and has recently seen refined oil from Dangote, the expert pointed out that the cost of end products has increased significantly. Premium Motor Spirit (PMS) has risen from the usual N930 to N1,300, and Automotive Gas Oil (AGO) from N980 to N1,700.
"This unhealthy development could escalate in the days coming due to the closure of the Strait of Hormuz, as the war rages, especially if threats and other counter-threats ongoing between the war parties fail to abate," Ale cautioned.
Appeal for Immediate Government Action
In his concluding remarks, Ale made a heartfelt appeal: "I therefore appeal to Mr. President and Members of the National Assembly to constitute a high-powered committee of concerned stakeholders that will look into the possibility of creating a cushioning effect of the war, which has now taken a dangerous dimension."
This call to action underscores the critical need for Nigeria to prepare for potential economic shocks from international conflicts, ensuring that measures are in place to protect citizens from induced hardship.
