Iran War: Lack of Planning Exposes Nig to Global Economic Shocks – PETER OBI

2023 presidential candidate of the Labour Party, PETER OBI, has observed that the reason Nigeria easily feels the impact of global economic shocks is due to failure to plan. PETER OBI was reacting to the adverse effect on the global economy from the Middle East tension over Iran, which has led to an increase in global oil prices and a hike in petroleum prices in Nigeria. In a short message on his social media handles, OBI noted that a few weeks ago, petrol was selling for less than One Thousand Naira per litre, but has now jumped to over One Thousand Naira per litre. He was that the rapid increases in the pump prices of petroleum products illustrate how quickly external shocks can affect the Nigerian economy. The former governor of Anambra State, who is now a chieftain of the Africa Democratic Congress, ADC, said most countries, whether they are oil-producing or non-oil-producing, maintain strategic petroleum reserves to cushion against supply or price shocks.