| dc.description.abstract | On February 28, 2026, the United States and Israel launched Operation Epic Fury, a massive joint military campaign against Iran that killed Supreme Leader Ali Khamenei, targeted over 1,000 Iranian military, nuclear, and leadership sites, and triggered Iranian retaliatory strikes on US bases in Bahrain, Kuwait, the UAE, and Saudi Arabia. As of March 2, 2026, the conflict is entering its third day with no ceasefire in sight. The Strait of Hormuz, through which 20% of the world's oil supply transits daily, is effectively closed as tanker operators, insurers, and oil majors halt shipments. Global oil prices have risen 10% in 48 hours. Nigeria, whose 2026 budget pegs oil at $64.85 per barrel with 1.84 million barrels per day output, faces a moment of acute geopolitical risk and strategic opportunity simultaneously. This brief calls on the National Assembly to act immediately.
Nigeria faces a unique and risky paradox: the US/Iran conflict could bring a financial boost if oil prices rise steadily above the budget target, but it also poses an economic danger if disruptions in the Strait of Hormuz lead to a global supply shock, increase import costs, weaken the naira, and reignite domestic fuel price inflation. The time for strategic legislative and policy actions is now, before the crisis's effects impact Nigeria | en_US |
