The Nigeria Employers’ Consultative Association, Nigeria Labour Congress, Lagos Chamber of Commerce and Industry, and the Association of Small Business Owners of Nigeria have raised concerns over the worsening impact of the Middle East crisis on Nigeria’s economy.
The groups warned that rising global oil prices are driving up domestic fuel costs, placing severe pressure on businesses and households across the country.
They noted that the surge in energy costs is eroding purchasing power, shrinking profit margins and threatening the survival of businesses in key sectors such as manufacturing, agriculture and logistics.
Fuel prices have climbed sharply, with petrol selling above N1,300 per litre in some areas and diesel nearing N1,800, significantly increasing the cost of doing business.
Business leaders warned that many firms are already struggling to cope, with some forced to scale down operations or pass rising costs to consumers.
They stressed that if the situation continues, it could lead to widespread business closures, job losses and a deeper cost-of-living crisis across the country.
The organisations called on the government to urgently intervene by stabilising the downstream sector and providing targeted support to vulnerable industries.
