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international

India Faces Pressure From Iran War

As the conflict involving Iran enters its third month with no clear resolution in sight, Indian Prime Minister Narendra Modi has urged citizens to reduce spending and conserve resources amid growing economic pressure linked to rising global energy costs. Speaking during a public event in Hyderabad, Modi encouraged Indians to work from home when possible, limit unnecessary foreign travel, reduce fuel consumption and avoid excessive purchases of gold. The appeal has drawn comparisons to the Covid-19 period, when the government relied on nationwide public participation to manage economic and social challenges. This time, the government’s focus is on protecting India’s foreign exchange reserves and limiting pressure on the national economy as the war in the Middle East disrupts global energy markets. India remains heavily dependent on imported energy, purchasing nearly 90% of its crude oil and about half of its […]

Abubakar May 15, 2026

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Nigeria

US Iran war: FG gets N5tn oil windfall amid fuel pain

Nigeria’s Federal Government has earned an estimated N5.13 trillion oil windfall from the surge in global crude prices triggered by the ongoing conflict between the United States and Iran. However, despite the revenue boost, Nigerians continue to grapple with fuel scarcity, high pump prices and rising transport and living costs. According to industry data cited in the report, the country’s additional crude oil earnings have accumulated over recent months as Brent prices climbed well above earlier budget projections. The war and fears of wider instability in the Middle East have tightened global supply, pushing up prices and generating unexpected income for oil producing nations, including Nigeria. Analysts estimate that Nigeria’s windfall, put at about N5.13 trillion, is based on the difference between the benchmark oil price in the national budget and the much higher average price recorded since hostilities escalated. […]

Abdulmumini Auwal SA May 3, 2026

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international

Oil prices fall after US-Iran ceasefire deal

Global financial markets reacted positively after the United States and Iran agreed to a conditional two-week ceasefire, which includes reopening the strategic Strait of Hormuz. The development led to a sharp drop in oil prices and strong gains in stock markets worldwide. Brent crude fell by around 13% to $94.80 per barrel, while US crude dropped more than 15% to $95.75. Despite this decline, prices remain above pre-conflict levels, when oil traded near $70 per barrel in late February. Energy markets had been under pressure due to disruptions in Middle Eastern supply, particularly after Iran threatened to target vessels passing through the Strait of Hormuz in response to US and Israeli strikes. Stock markets mirrored the improved sentiment. European indices opened higher, with London’s FTSE 100 rising by 2.53%, France’s CAC 40 gaining 4%, and Germany’s DAX climbing nearly 5%. […]

Abubakar April 8, 2026

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international

$150 oil could trigger global recession

The head of BlackRock has warned that a sharp rise in oil prices could push the global economy into recession, as geopolitical tensions continue to unsettle markets. Larry Fink said that if oil prices climb to around $150 per barrel and remain elevated, the impact on the global economy would be severe. According to him, prolonged high energy costs could lead to a “steep recession,” especially if instability linked to Iran persists. He outlined two possible scenarios: a de-escalation that could bring oil prices back down, or a prolonged period of elevated prices above $100 per barrel. In the latter case, the consequences for growth, inflation and global demand would be significant. Rising energy costs are already affecting financial markets, with investors reacting to uncertainty in the Middle East. Fink emphasized that higher oil prices act like an economic burden, […]

Abubakar March 25, 2026

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Nigeria

Iran war may force Nigerians back to working from home – Dangote

Chairman and CEO of Dangote Group, Aliko Dangote, has warned that the ongoing Middle East crisis could push Nigeria and other African countries back to work from home arrangements similar to those used during COVID 19. He said the conflict, involving Iran, Israel and the United States, is driving oil price volatility that could worsen economic hardship across the continent. Dangote spoke after a meeting with President Bola Tinubu at the President’s Ikoyi residence in Lagos. He expressed concern that many African countries have little or no financial reserves to cushion the impact of rising energy costs and global supply disruptions.​ He noted that some countries are already asking people to work from home or reducing work days because they cannot afford high fuel costs. Citing Indonesia as an example, he said workers there now go to the office four […]

Abdulmumini Auwal SA March 24, 2026

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international

Markets fall as US-Iran tensions escalate

Global financial markets have come under pressure as tensions between the United States and Iran intensify, with the conflict now entering its fourth week. The situation has unsettled investors and pushed energy prices higher amid fears of further escalation. In Asia, Japan’s Nikkei index dropped sharply by 3.5%, while South Korea’s Kospi plunged 6.5%, reflecting concerns over supply disruptions. European markets also declined, though more moderately, with London’s FTSE 100 falling 1.9% and major indices in Germany and France losing around 2%. At the center of the crisis is the Strait of Hormuz, a vital global shipping route through which roughly 20% of the world’s oil and liquefied natural gas typically passes. Iran has effectively restricted access to the strait following attacks by the United States and Israel in late February, raising alarm over global energy supplies. Oil prices reacted […]

Abubakar March 23, 2026

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international

Oil climbs above $100 as Iran war batters Asian stocks

Oil prices have risen further above $100 a barrel as the Iran war moves into its third week, putting fresh pressure on global markets.Both Brent crude and US benchmark WTI extended recent gains, driven by fears of prolonged supply disruptions from the Middle East. Brent climbed by about three percent in early Asian trading, briefly touching around $106.50 before easing back toward $105.WTI hovered just under the $100 mark after also surging sharply since the conflict began. Since the start of the war, Brent has jumped by more than 40 percent, while US crude is up almost 50 percent.Analysts warn that rising energy costs risk fuelling inflation again and could slow global economic growth. Most Asian stock markets fell as investors reacted to the threat of an energy shock and reduced expectations of interest rate cuts.Indexes in Tokyo, Shanghai, Seoul, […]

Abdulmumini Auwal SA March 16, 2026

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international

Ukraine talks set for next week as deep freeze strains war‑battered power grid

Ukraine, Russia and the United States will hold a new round of talks in Abu Dhabi on February 4–5, President Volodymyr Zelenskiy has confirmed, as diplomacy cautiously resumes nearly four years into the war. The meeting follows an initial round in late January that ended without a breakthrough on core issues such as territory, with Moscow still demanding that Kyiv cede additional land in eastern Ukraine, a condition Ukraine continues to reject. Zelenskiy said Kyiv is ready for “substantive” discussions that bring the country closer to what he called a “real and dignified” peace. The renewed talks come as a brutal cold snap exposes the weakness of Ukraine’s energy grid after repeated Russian strikes. In Kyiv, a major system failure on Saturday cut power to parts of the country and left almost 3,500 apartment blocks temporarily without heating, with about […]

Abdulmumini Auwal SA February 1, 2026

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Nigeria

Obi challenges Tinubu over failed power promise after new grid collapse

Former Labour Party presidential candidate, Peter Obi, has questioned President Bola Tinubu over his campaign promise to deliver steady electricity, following another collapse of Nigeria’s national grid in January 2026. In a statement posted on his verified X account on Wednesday, Obi recalled Tinubu’s 2022 campaign pledge that if he failed to provide stable power in his first four years in office, Nigerians should not vote for him for a second term. He said the recent power failures clearly contradict that promise and should concern all Nigerians. Obi noted that the national grid had already collapsed twice in January 2026, even before the end of the month, and about twelve times in 2025. He described the frequent collapses as a sign of deep problems in the power sector, despite repeated assurances from the government. He also criticised President Tinubu’s frequent […]

Abdulmumini Auwal SA January 28, 2026

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Nigeria

UPDATED: Blackout as national grid collapses again

Nigeria was plunged into another nationwide blackout on Wednesday following the collapse of the national electricity grid. The Abuja Electricity Distribution Company (AEDC) confirmed the incident in a public notice shared via its X handle on September 10, 2025. “Please be informed that the power outage currently being experienced is due to a loss of supply from the national grid at 11:23 am today, affecting electricity supply across our franchise areas,” AEDC stated. The company assured customers that efforts were underway to restore stability: “Rest assured, we are working closely with the relevant stakeholders to ensure power is restored once the grid is stabilised. Thank you for your patience and understanding.” Contact hotlines were also provided for inquiries: 08039070070 (call), 08152141414 and 08152151515 (WhatsApp). Frequent grid collapses Grid collapses remain a recurring issue in Nigeria’s power sector. In 2024, the […]

Abdulmumini Auwal SA September 10, 2025

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