How Middle East Tensions Are Raising Living Costs in Nigeria – Finance Minister

Nigeria’s Minister of Finance, Wale Edun, has revealed how the ongoing US–Israel–Iran conflict is fueling inflation in Nigeria, triggering widespread economic pressures on households and businesses.

Speaking after the IMF/World Bank Spring Meetings, Edun said the geopolitical crisis has unleashed external shocks that are disrupting global energy markets, tightening financial conditions, and worsening the cost of living in Nigeria.

He explained that the crisis is unfolding at a critical time when Nigeria is implementing major economic reforms aimed at stabilising the economy, attracting investment, and lifting millions out of poverty.

According to Edun, one of the most immediate impacts has been the sharp rise in global oil prices, driven by supply disruptions around key transit routes such as the Strait of Hormuz. Nigeria’s Bonny Light crude, he noted, surged from about $70–$73 per barrel to highs exceeding $110–$120.

This spike has translated directly into higher domestic fuel costs, worsening energy prices in Nigeria.

“Volatility in global energy markets is already influencing domestic energy-related commodities, with direct implications for prices and the standard of living of Nigerians,” he said.

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Edun disclosed that petrol prices increased by over 50 percent—from about ₦890–₦900 per litre to between ₦1,260 and ₦1,330—while diesel prices jumped by more than 70 percent, rising from around ₦1,100 to nearly ₦1,550 per litre at peak levels.

The surge in fuel prices has triggered a ripple effect across the economy, significantly increasing transportation costs and pushing up food prices in Nigeria. Businesses are also grappling with higher production and logistics costs, which are being passed on to consumers.

As a result, inflation in Nigeria continues to climb, placing additional strain on households already facing economic hardship.

Beyond energy costs, the minister highlighted tightening global financial conditions as another major concern. He said geopolitical uncertainty has led investors to shift funds to safer economies, reducing capital inflows into emerging markets like Nigeria and putting pressure on the naira.

Despite these challenges, Edun said Nigeria is better positioned to withstand the current shocks compared to previous crises such as the COVID-19 pandemic and the Russia–Ukraine war.

He pointed to ongoing reforms—including fuel subsidy removal, exchange rate adjustments, and fiscal restructuring—as measures that have strengthened the country’s macroeconomic outlook.

Edun reaffirmed the government’s commitment to maintaining macroeconomic stability in Nigeria, attracting both local and foreign investments, and expanding social protection programmes to cushion vulnerable populations.

He also called for increased international support from institutions such as the International Monetary Fund and the World Bank, stressing that countries undergoing economic transitions need additional backing to navigate global uncertainties.

In summary, the finance minister warned that while Nigeria is making progress through reforms, the US–Israel–Iran conflict is significantly driving inflation, rising fuel prices, and cost of living increases in Nigeria, underscoring the need for coordinated domestic and global responses.

How Middle East Tensions Are Raising Living Costs in Nigeria – Finance Minister

NYSC Announces 2026 Batch ‘A’ Stream II Call-Up Letters, Reveals Orientation Date

The National Youth Service Corps (NYSC) has officially announced the release of call-up letters for 2026 Batch ‘A’ Stream II prospective corps members, marking the final phase of mobilisation for thousands of Nigerian graduates.

The scheme disclosed this on Monday via its official X (formerly Twitter) handle, stating, “2026 Batch ‘A’ Stream II deployment has been released,” confirming that candidates can now check their state of deployment, call-up numbers, and reporting details on the NYSC portal.

This development follows the earlier publication of the mobilisation timetable for the 2026 Batch ‘A’ Stream II orientation exercise. In a statement signed by NYSC spokesperson, Caroline Embu, the scheme confirmed that the orientation course will commence nationwide on April 22, 2026.

According to the schedule, registration and camp reception will begin on Wednesday, April 22, and end at midnight on Friday, April 24. The official swearing-in ceremony for prospective corps members is slated for April 24, while the full three-week orientation programme will run until May 12, 2026.

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The NYSC reiterated that the call-up letter is a mandatory document, as it contains vital information including the assigned state, orientation camp address, reporting timeline, and guidelines for service. Prospective corps members are therefore required to log into the official NYSC portal to print their letters before proceeding to camp.

However, many users reported slow portal access and login difficulties, largely due to the surge in traffic as thousands attempted to check their postings simultaneously. Despite this, the scheme assured that the platform remains functional and advised candidates to exercise patience.

The scheme also issued a strong advisory on travel safety, urging prospective corps members to avoid night journeys. It specifically recommended that travellers break their trips by 6:00 pm and continue the next morning, in line with ongoing concerns about road safety and insecurity in parts of the country.

In addition, corps members were reminded to report to their assigned camps within the stipulated registration window, as failure to do so may lead to automatic remobilisation to a later batch.

The release has generated mixed reactions online, with some prospective corps members expressing excitement about their deployment, while others voiced concerns over postings to distant or unfamiliar states, as well as the financial and logistical challenges involved.

Overall, the issuance of the call-up letters signals the transition from mobilisation to active participation in the NYSC scheme, as thousands prepare to begin their mandatory one-year national service across Nigeria.

NYSC Announces 2026 Batch ‘A’ Stream II Call-Up Letters, Reveals Orientation Date

NYSC Expands SAED Programme, Moves to Establish Trust Fund for Corps Members

The National Youth Service Corps (NYSC) has intensified efforts to strengthen youth empowerment in Nigeria through an expanded Skills Acquisition and Entrepreneurship Development (SAED) programme, alongside new funding partnerships and the proposed NYSC Trust Fund aimed at improving access to capital for corps members.

The Director-General of NYSC, Brig.-Gen. Olakunle Nafiu, disclosed this in Abuja on Sunday while outlining reforms designed to reposition the scheme to better address youth unemployment and support sustainable entrepreneurship among Nigerian graduates.

He explained that although unemployment was not a major concern when NYSC was established in 1973, the inclusion of skills acquisition in its structure reflected the foresight of its founders, who anticipated future economic and labour market challenges.

Nafiu said the SAED programme has now become a central component of NYSC operations, especially as the country continues to grapple with rising unemployment and economic pressure affecting young people.

According to him, the scheme is now more intentional in its approach, ensuring that corps members graduate from service not only with academic certificates but also with practical vocational and entrepreneurial skills that can support self-reliance and job creation.

He noted that participation in SAED has continued to increase, with corps members actively engaging in training areas such as digital skills development, agriculture, fashion design, trades, and small business management.

However, he identified access to finance as the major challenge limiting the transition from training to actual business ownership among corps members.

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“The issue is not training; funding is what we are now trying to address so that they can translate these skills into businesses,” he said.

The NYSC Director-General also revealed that the scheme has strengthened its collaboration with the Bank of Industry (BoI) to support corps members with funding for viable business ideas.

Through the partnership, the BoI provides an annual ₦2 billion grant facility, while eligible corps members can access up to ₦5 million in loans at about 9 per cent interest rate, which is significantly lower than commercial bank rates.

He added that discussions are ongoing to further reduce the interest rate to make funding even more accessible, while financial literacy training has also been integrated into the NYSC orientation programme to improve corps members’ business and money management skills.

Nafiu further linked the long-term sustainability of the programme to the proposed NYSC Trust Fund, which is expected to provide a dedicated financing structure for youth empowerment and infrastructure development across NYSC facilities nationwide.

He explained that the fund would enable the scheme to offer direct support to corps members, including low-interest loans ranging from zero to three per cent, as well as grants for promising entrepreneurial projects.

“With the Trust Fund, we will be able to invest more in SAED and even provide direct grants to corps members from our own resources at zero to three per cent interest rates,” he said.

He added that the Trust Fund would also help address infrastructural gaps in orientation camps and NYSC state secretariats, improving service delivery and programme delivery efficiency across the country.

The NYSC boss also highlighted the role of NYSC Ventures, which includes farms, bakeries, and water production units designed to give corps members hands-on entrepreneurial experience while also generating supplementary income for the scheme.

He explained that these ventures serve as practical training platforms, particularly in agro-allied value chains and production-based enterprises, helping corps members gain real-world business exposure.

Nafiu stressed that although NYSC is not a profit-making organisation, all proceeds from its ventures are remitted into the Treasury Single Account (TSA) in line with government financial regulations.

He expressed optimism that improved funding through the proposed Trust Fund and strengthened partnerships would enable the scheme to scale up its entrepreneurship initiatives and significantly increase the number of corps members transitioning into job creators rather than job seekers.

NYSC reaffirmed its commitment to continuously evolve its programmes in line with Nigeria’s economic realities, with a focus on entrepreneurship development, innovation, and youth employment generation.

NYSC Expands SAED Programme, Moves to Establish Trust Fund for Corps Members