Nigeria has gained $22 for every barrel of oil sold since the escalation of tensions between the United States and Iran, while global crude prices have climbed to $87 a barrel, according to a new analysis by the Nigeria Extractive Industries Transparency Initiative.

The report, released this week, says the surge in oil prices is a direct result of heightened geopolitical risk following the US-Iran confrontation. Higher export revenues have already begun to flow into the Federation Account and state accounts.

Analysts at NEITI note that Nigeria’s proven oil reserves remain abundant, with production capacity still largely untapped. The country could therefore benefit further from sustained high prices if it increases output and reduces dependence on a few buyers.

The organisation highlights that the recent price movement has improved Nigeria’s foreign exchange earnings and fiscal position. It warns, however, that Nigeria must avoid repeating past mistakes of neglecting gas development and other critical minerals.

NEITI recommends urgent diversification of the economy beyond oil. It calls for stronger investment in refining, gas utilisation, and critical minerals to build a more resilient revenue base that can weather future global shocks.

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