A Shocking Turn of Events: Inflation Returns to Nigeria Amidst Global Tensions
By Olawale Ogunbusola
It’s been a while since I’ve written, not because I’ve been on vacation or struggling with writer’s block, but because I’ve been busy monitoring the socio-political landscape and watching my recommendations shape policy in Oyo State and Nigeria.
However, I’m compelled to speak out about the sudden return of inflation in Nigeria, triggered by the Iran-US-Israel conflict. It’s like we’re taking two steps forward, only to take three steps back.
Just when we thought the economy was stabilizing under President Bola Ahmed Tinubu’s administration, the global tensions have come knocking on our doors. The removal of oil subsidies was a bold move, but it was starting to pay off. Food inflation had dropped to 8.8%, and annual inflation was down to 15.1% as of January 2026.
The Dangote Refinery has been a game-changer, enabling us to produce oil surplus and stabilize prices. Kudos to Aliko Dangote and President Tinubu for their commitment to renewing the economy.
But the recent conflict has brought artificial inflation, and it’s hurting Nigerians. Fuel prices are soaring, transport fares are up, and livelihoods are being squeezed. It’s like we’re being held hostage by saboteurs in the oil sector.
The government must act now. We need sincerity, love, and loyalty to our country. President Tinubu, as the Minister of Petroleum, please convene an urgent stakeholders’ meeting to tackle this challenge. Let’s licence more modular refineries, address bottlenecks, and crush this inflation.
Inflation is our enemy, and it must die!
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