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Israeli-Iran War: Expert Outlines Risks, Upsides for Nigerian Economy

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An economist, Dr Muda Yusuf, says the outbreak of war between Israel and Iran portends a combination of risks and upsides for the Nigerian economy, amidst the challenges of an already floundering global economy.Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), made this known on Sunday in Lagos in a statement.

He noted that economies around the world currently grappled with elevated geopolitical tension triggered by the Russian Ukraine war and now the Israel -Hamas conflict.
The expert said that energy cost escalation, high interest rate implications and money supply growth were the risks of the conflict.He noted that a major driver of energy prices in Nigeria was the global crude oil price and with the outbreak of the Israeli-Iranian war, crude oil prices surged to 75 dollars per barrel from 65 dollars per barrel a week before.
“This is a 15 per cent jump within days and has obvious implications for petroleum product prices globally.“Economies around the world; Nigeria inclusive, would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term.“This would have far reaching implications for many economies and businesses,” he said.Yusuf added that there was a risk of high monetary growth with an increase in revenue from the oil sector.He noted that money supply increased in the Nigerian economy as oil revenue increases because of the monetisation of oil receipts.According to him, this can pose additional inflation risk and exchange rate depreciation risk.The economist noted that this might also provoke tighter monetary policy stance, which could result in difficult credit conditions for businesses.Yusuf, however, said the historically positive correlation between crude oil prices, Gross Domestic Product (GDP) growth, and stock market performance.He said the outlook for the Nigerian stock market was therefore likely to be positive in the current context.As upsides for the Nigerian economy, Yusuf asserted that should the current conflict persisted and escalated, the surge in crude oil price would impact foreign exchange earnings with oil being the biggest earner for the country.“This would even be more impactful if output performance improves.“Crude oil price has surged to $75 per which is about 15 per cent higher than before the outbreak of the Israeli–Iran conflict.“This development would also positively impact the country’s foreign reserves, ensure better foreign exchange liquidity and ultimately the stability of the naira exchange rate,” he said.Yusuf added that the development would also positively impact the country’s revenue as the oil sector currently accounted for about 50 per cent of government revenue.According to him, an improvement in crude oil price would therefore have a significant impact on government revenue.He added that improvement in revenue would positively impact fiscal consolidation and hopefully moderate the growth of the fiscal deficit.“Investments in the oil and gas sector would post better returns if the conflict persists.“High oil price is good news for upstream oil and gas investors,” Yusuf said. (NAN)

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US Envoys Meet Zelensky in Ukraine after Talks with Putin in Russia

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President Volodymyr Zelensky is holding talks with Donald Trump’s top envoys, in their first visit to Ukraine since Russia’s full-scale invasion.

The Ukrainian leader greeted Steve Witkoff and Jared Kushner at Kyiv’s St Sophia Cathedral, close to where a Russian drone hit the headquarters of Ukraine’s security services on Friday.

Ahead of the meeting, Zelensky said Ukraine was ready to talk about bringing “the end of the war closer”.

But he said security guarantees would be required as well as a dignified post-war peace.

On Saturday, the two envoys met Vladimir Putin in Moscow for talks on ending the war that were described as “frank” and “constructive” by the Kremlin.

The envoys travelled to Kyiv by train after flying to Poland – Zelensky told the media that it was not possible for them to land their plane despite preparations.

Putin and Zelensky agreed to halt strikes on each other’s capitals for three days while the negotiators carry out their trip.

While Witkoff and Kushner were in talks at the Kremlin on Saturday, Zelensky said he and his team were “ready for a substantive conversation”.

On Sunday, Zelensky wrote on social media that his country “has always been and will remain constructive”.

“We are interested in bringing the end of the war closer. Peace is needed. Security guarantees are needed.

“A dignified character of the postwar peace is needed. Our proposals are ready,” he said.

Overnight, Russian and Ukrainian forces continued to exchange strikes, with Ukraine confirming they struck an oil refinery, an airfield, and two air defence systems.

The country’s defence ministry said they targeted the Ryazan oil refinery, which supplies the Russian army, and an airfield in Rostov-on-Don.

Earlier, Ukraine’s Air Force reported that Russia attacked Ukraine with 108 long-range drones and small cruise missiles.

The country’s air defences downed 82 drones and six missiles, but 11 locations were hit, with debris falling at a further seven sites.

Saturday’s talks in Moscow lasted three hours and were held behind closed doors in Putin’s official residence in the heart of the Russian capital, according to Russian state media.

Details are still emerging, but both sides have given broadly positive remarks without going into specifics.

Putin adviser Yuri Ushakov described the talks as “constructive, extremely frank”.

“The talks were not limited to an exchange of views on resolving the Ukrainian crisis – economic issues and potential major, mutually beneficial Russian-American projects were discussed in considerable detail,” he said.

Ushakov also said “note was made of the Russian army’s tangible advances in the combat zone” and that there was acknowledgement that talks needed to address “the root causes of the conflict”.

Despite an escalation of Russian missile and drone strikes on Ukrainian cities including Kyiv, Russian ground forces have made very slow advances for most of the conflict, incurring enormous casualties. Russia still controls about one-fifth of Ukrainian territory – areas that it seized back in 2022.

The talks come after Russia and Ukraine have intensified aerial attacks in recent months.

Ukraine says it has struggled to repel ballistic missile attacks due to a lack of interceptor missiles, while Kyiv has focused its strikes on Russian economic infrastructure targets, notably oil installations.

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Court Sentences TV Presenter, 11 Others to Death in Egypt Drugs Case

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Egyptian television presenter Sarah Khalifa and 11 other people have been sentenced to death by hanging after being convicted of drug charges.

According to state-owned al-Ahram newspaper, they were part of a criminal gang which imported ingredients used to make drugs with the intent of selling them.

They also had illegal firearms and munitions.

Khalifa, 39, is best known for her TV programme Mission Impossible which dealt with crime issues. She has denied the charges.

Nine fellow defendants have been sentenced to life imprisonment, while seven have been acquitted.

Khalifa’s lawyer said she would appeal the death sentence.

The verdict was first announced last month.

However, it was only confirmed a month later after the court obtained a religious opinion from the grand mufti of Egypt – a legal requirement in death sentence cases.

During the trial, the court heard that authorities had seized more than 750kg (1,653lbs) of narcotics and the imported raw materials to make them.

Twenty witnesses had given statements to the prosecutors, al-Ahram said, in addition to electronic evidence that included conversations and video clips.

According to the state-run Akhbar al-Youm newspaper, when asked by the judge about her alleged role during a court appearance last September, Khalifa said she had never seen any drugs until she was photographed with them inside the anti-narcotics authority offices.

According to a 2025 Amnesty International report, there were 492 death sentences in the course of the year, 23 of which were carried out.

The defendants were found guilty of drug trafficking and rape, “crimes that did not amount to ‘intentional killing’ to which the use of the death penalty must be restricted under international law and standards”, the report said.

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Trescothick Eager to Keep England Job Despite Hussey Approach after Pakistan Win

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Marcus Trescothick has insisted he wants to continue working with England’s Test team even though Mike Hussey has revealed an approach by incoming head coach Stephen Fleming to effectively replace him.

Trescothick has been a member of England’s backroom staff since 2021 and is currently leading the Test side on an interim basis ahead of Fleming’s arrival.

Former opening batsman Trescothick and returning captain Joe Root oversaw an innings and 103-run thrashing of Pakistan in the first Test at Headingley on Friday as the hosts went 1-0 up in a three-match series.

Former Australia international Hussey has said he is considering an offer to work as England’s Test batting coach, effectively Trescothick’s role, after being approached by Fleming, his former boss at Chennai Super Kings.

“I’d love to carry on, of course,” said Trescothick.

The 50-year-old, a member of England’s 2005 Ashes-winning team, added: “I’ve a huge amount of respect for Stephen and what he’s done in the game, he was a fantastic captain and leader, and has done a brilliant job doing what he’s done as a coach.

“It’s really not in my job (description) or position to judge that. We’ll wait until we get the tap on the shoulder.”

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