Crime
Expert Outlines Risks, Upsides For Nigerian Economy: Israel-Iran War
Expert Outlines Risks, Upsides For Nigerian Economy: Israel-Iran War
Expert outlines risks, upsides for Nigerian economy: Israel-Iran War. With the escalation of the Israeli-Iranian conflict, crude oil prices surged to $75 per barrel from $65 per barrel a week before, the economist noted.
An economist, Muda Yusuf, says the outbreak of war between Israel and Iran portends a combination of risks and upsides for the Nigerian economy amidst the challenges of an already floundering global economy.
Mr Yusuf, the CEO of the Centre for the Promotion of Private Enterprise, stated this on Sunday in a statement. He noted that economies around the world are currently grappling with elevated geopolitical tension triggered by the Russian-Ukraine war and now the Israel-Hamas conflict.
The expert identified energy cost escalation, high interest rate implications, and money supply growth as the risks associated with the conflict.
He noted that a major driver of energy prices in Nigeria was the global crude oil price, and with the escalation of the Israeli-Iranian conflict, crude oil prices surged to $75 per barrel from $65 per barrel a week before.
“This is a 15 per cent jump within days and has obvious implications for petroleum product prices globally.
“Economies around the world, Nigeria inclusive, would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term. This would have far-reaching implications for many economies and businesses,” he said.
Mr Yusuf added that there was a risk of high monetary growth with an increase in revenue from the oil sector. He noted that the money supply in the Nigerian economy increased as oil revenue rose due to the monetisation of oil receipts.
According to him, this can pose additional risks to inflation and exchange rate depreciation.
The economist noted that this might also provoke a tighter monetary policy stance, which could result in difficult credit conditions for businesses.
Mr Yusuf, however, said that there had been a historically positive correlation between crude oil prices, GDP growth, and stock market performance. He said the outlook for the Nigerian stock market was, therefore, likely to be positive in the current context.
As for the upsides for the Nigerian economy, Yusuf asserted that if the current conflict persists and escalates, the surge in crude oil prices will impact foreign exchange earnings, with oil being the country’s biggest earner.
“This would even be more impactful if output performance improves. Crude oil price has surged to $75 per, which is about 15 per cent higher than before the outbreak of the Israeli-Iran conflict.
“This development would also positively impact the country’s foreign reserves, ensure better foreign exchange liquidity and ultimately the stability of the naira exchange rate,” he said.
Israel-Iran War
Mr Yusuf added that the development would also positively impact the country’s revenue as the oil sector currently accounted for about 50 per cent of government revenue.
According to him, an improvement in crude oil price would, therefore, have a significant impact on government revenue.
He added that improvement in revenue would positively impact fiscal consolidation and hopefully moderate the growth of the fiscal deficit.
“Investments in the oil and gas sector would post better returns if the conflict persists. High oil price is good news for upstream oil and gas investors,” Mr Yusuf said.
Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com
The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.
The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations
Oil
The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.
ABIODUN FOLORUNSHO
Navy Captain
Director Naval Information
Nigerian Navy
Eereporter.com
Nigerian Police Foil Bandit Attack in Sokoto, Recover Rocket Launchers
The Sokoto State Police Command has foiled an attempted bandit attack on Tsabre community in Isa Local Government Area, recovering two rocket launchers and other items abandoned by the fleeing attackers.
Eereporter.com
The incident occurred around 1am on Friday when the armed men reportedly invaded the village and opened sporadic gunfire, causing panic among residents.
The Police Public Relations Officer, Ahmad Rufa’i, disclosed this in a statement issued on Friday.
He said the Divisional Police Officer in Isa, upon receiving a distress call, immediately mobilised tactical teams, including operatives of the Anti-Kidnapping Unit and Violent Crime Response Unit, to confront the attackers.
According to him, the police engaged the bandits in a gun battle, forcing them to retreat into a nearby forest.
“The tactical teams engaged the hoodlums in a fierce gun duel that lasted for some time. Due to the superior firepower and tactical positioning of the police operatives, the bandits were overpowered and forced to escape into the nearby forest with their casualties,” Rufa’i said.
He added that the police subsequently combed the surrounding bushes and recovered two rocket launchers and two empty AK-47 magazines.
Other items recovered included a Techno keypad phone without a battery, a touch light, an Army jungle hat, a sweater cap, five pairs of sandals and a rain jacket.
The Commissioner of Police, Hayatu Shaffa, commended the officers for their swift response and courage during the operation.
Shaffa reaffirmed the command’s commitment to protecting lives and property across the state.
Police
He also urged residents to remain vigilant and promptly report suspicious persons and activities to the police.
The CP further appealed to residents to report anyone with suspected gunshot wounds seeking medical attention to the nearest police station, as efforts continue to track the fleeing attackers.
Eereporter.com
Navy Rescues 2 Kidnapped Victims, Recovers Stolen Outboard Engines in Akwa Ibom
The Nigerian Navy has rescued 2 kidnapped victims and recovered several stolen outboard engines during an operation against sea robbery and kidnapping in the Ibeno general area of Akwa Ibom State on 30 September 2026.
Eereporter.com
The operation followed credible information on the activities of suspected sea robbers and kidnappers targeting fishermen and forcibly taking away fishing boats and outboard engines. In response, the Nigerian Navy Ship JUBILEE Maritime Quick Response Team, Ibeno, swiftly mobilised to the area to counter the threat.
During the operation, the naval team encountered 2 boats suspected to be operated by the criminals, prompting the occupants to flee into adjoining creeks. In the ensuing pursuit, the suspects abandoned one of the boats containing several stolen outboard engines and the 2 kidnapped victims, who were immediately rescued by the naval team and escorted to safety. The recovered outboard engines were secured for verification and further necessary action, while efforts are ongoing to locate and apprehend the fleeing suspects.
The successful operation underscores the Nigerian Navy’s sustained commitment to Search and Rescue (SAR), the protection of lives and the security of legitimate maritime activities across Nigeria’s waters. Through its network of ships, bases, surveillance systems, maritime quick response teams and other operational elements, the Nigerian Navy continues to maintain a presence across the maritime domain, enabling timely responses to distress situations and emerging security threats.
Navy
The operation also demonstrates the importance of credible intelligence and community support in enhancing maritime security. The Nigerian Navy therefore encourages coastal communities, fishermen and other maritime stakeholders to continue providing timely information that could assist in preventing criminal activities and responding rapidly to persons in distress.
The Nigerian Navy remains resolute in safeguarding Nigeria’s maritime domain and will continue to sustain proactive patrols, Search and Rescue operations, and intelligence-driven interventions aimed at protecting lives and property while denying criminal elements freedom of action in the nation’s waterways.
Eereporter.com
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