The Digest:
Finance Minister Wale Edun has said Nigeria's economy is in shock due to the Middle East crisis, with petrol prices rising over 50% from N890-N900 to N1,260-N1,330. Diesel prices surged over 70% to about N1,550 per litre at peak. Edun spoke ahead of the IMF/World Bank Spring Meetings in Washington, where the IMF anticipates up to $50 billion in emergency financing may be needed for countries hit by balance-of-payments shocks.
Key Points:
- Bonny Light jumped from $70-$73 to highs exceeding $110-$120 per barrel.
- The US has ordered a blockade of Iranian ports in the Strait of Hormuz.
- Iran warns of a "deadly vortex" for any enemy that makes a wrong move.
- Nigeria's oil production has increased to 1.86 million barrels per day.
- The government is maintaining a liberalised foreign exchange market.
Sources: Channels Television
