How US-Iran Tension Will Benefit Nigeria - Expert

In News 2020-01-03 12:15:31
How US-Iran Tension Will Benefit Nigeria - Expert
How US-Iran Tension Will Benefit Nigeria - Expert

By Olamide Fadoju


Nigeria will benefit economically if the ongoing tension between the United States and Iran continues to escalate.


Economic expert and Nigeria Info correspondent, Tunji Andrew made this revelation, Friday on the Money, Business and Economy (MBE) show on Nigeria Info FM.


The United States further worsened their relationship with Iran following the assassination of the head of Iran's Islamic Revolutionary Guard Corps' (IRGC's) Quds Force, General Qassem Soleimani by an airstrike in Baghdad.


The Pentagon confirmed in a statement earlier today that President Donald Trump had authorized the strike. 


With Nigeria as the world's sixth-largest oil producer and dependant on oil production for a large chunk of her revenue, Andrews says Nigeria will earn more revenue if Iran decides to retaliate as oil prices will rise worldwide. 


"If there is an escalation between the US and Iran, it is very unlikely that the world will allow it happen but in the unlikely chance that it does happen, this is going to affect crude oil prices across the world."


The MBE Show host also said in the event it happens it might be one of the biggest wins of President Muhammadu Buhari's administration as Nigeria will have more money to spend.


"This will probably be the biggest thing this administration would have done without having to do anything about it because this will automatically take crude oil prices above  hundred dollars  per barrel and that will generally mean we are going to see a situation whereby there will be more revenue for Nigeria and then we will be able to play around with a lot more things."


Iran has responded to the killing of its military commander by promising to retaliate against the US. Supreme Leader Ayatollah Ali Khamenei said: "severe revenge awaits the criminals" who killed Soleimani and six others.


The US inisists Soleimani was killed on the directives of President Trump as he was believed to be "developing plans to attack American diplomats and service members in Iraq and throughout the region."