Nigeria Reaffirms No Fuel Subsidies or Price Controls

In Paris on Tuesday, Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reaffirmed that the federal government will not reinstate fuel subsidies or impose price controls on petrol, even as global oil prices rise due to escalating tensions in the Middle East involving Iran, the United States, and Israel.

Oyedele spoke on the sidelines of a meeting between President Bola Tinubu and representatives from global investment firms, including Citibank, France's Amundi, BlueCrest, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management, and Mesarete Capital. The discussions occurred during Tinubu's three-nation working visit to Europe. "We will not bring back subsidy because it creates a distortion for the economy, and we will not introduce price control because we believe in markets," Oyedele said. He added that the government would implement responsible regulations to prevent market players from exploiting consumers.

The minister framed the Iran crisis, which has disrupted energy supplies, as a potential opportunity for Nigeria. "While that is unfortunate, we think it presents new opportunities for us, as the...