The ongoing conflict between Israel and Gaza has the potential to affect the global economy, including Nigeria’s.
The war has already caused disruptions to global supply chains, and oil prices have surged as Israeli forces launched a counteroffensive and as questions mounted around Iran’s involvement in Hamas’ attack plans.
Analysts are bracing for oil and gas to spike further on “the fear that the conflict could draw in other players.”
If violence spreads to other regions, it could lead to a situation where the Iranians get more directly involved, or where the Israelis decide to take a swipe at the Iranians.
The spread would pose a challenge to growth at a delicate time for both the United States, US and global economies.
Growth forecasts were already clouded by the war in Ukraine, China’s slowing economy, and the toll that inflation and rising interest costs are taking on businesses, governments, and consumers.
In Nigeria, the conflict could lead to an increase in oil prices, which would have a significant impact on the country’s economy.
Nigeria was Africa’s largest oil producer and exporter, and any disruption in oil production or export could have serious consequences for the country’s economy.
The conflict could also lead to a decline in foreign investment in Nigeria as investors become more risk-averse.
The conflict between Israel and Gaza has been ongoing for many years, however, the current conflict began on May 10, 2023, when Hamas launched a barrage of rockets into Israel, and Israel responded with airstrikes on Gaza.
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