A development expert and founder of the Global Initiative for Nigeria Development (GIND), Engr. Micheal Ale, has called on President Bola Ahmed Tinubu and the National Assembly to urgently adopt proactive measures to shield Nigerians from looming economic hardship linked to rising global energy prices.
Ale warned that the escalating conflict between the United States, Israel, and Iran has triggered serious disruptions in global energy supply, particularly following Iran’s reported closure of the Strait of Hormuz. He noted that the vital shipping route handles about 20% of the world’s oil supply, making its shutdown a major threat to global energy stability.
Speaking during activities marking World Water Day in Ado Ekiti, Ale stressed that although Nigeria is not directly involved in the conflict, the country will inevitably feel the economic impact through rising fuel and energy costs.
Currently attending the 2026 Smart Water Policies Fly-In Conference in Washington DC as a resource member of the National Ground Water Association, he urged the Federal Government to immediately set up a committee of experts and technocrats to develop strategies to cushion the impact.
According to him, global oil prices have already surged from about $78 to $120 per barrel due to the crisis, with fears it could climb as high as $250 if tensions persist. He added that while Nigeria may benefit from higher crude oil revenues, the cost of refined petroleum products has risen sharply—placing additional burden on citizens.
Ale highlighted that petrol prices have increased from around ₦930 to ₦1,300, while diesel has jumped from ₦980 to ₦1,700, warning that the situation could worsen if the conflict continues.
He emphasized the urgent need for coordinated action, noting that failure to act swiftly could deepen economic strain across the country. He therefore appealed to the government to assemble a high-powered stakeholders’ committee to formulate policies aimed at mitigating the anticipated hardship.
About The Author
