Di Manufacturers Association of Nigeria (MAN) don raise alarm over di military wahala wey dey escalate between United States, Israel and Iran, warning say Nigeria chemical and pharmaceutical manufacturers dey face di biggest risk as global economic shockwaves go affect di industrial sector.

For one statement, Director General of MAN, Segun Ajayi-Kadir, talk say di Middle East crisis wey dey worsen don send “shockwaves across di global macroeconomic landscape,” wey fit reverse di small gains wey Nigeria economy don make recently, including di way inflation don reduce to 15.10 per cent, and di improvement for manufacturing capacity utilisation wey don climb pass 60 per cent.

According to am, global geopolitics don become one direct factor wey dey increase cost for Nigerian manufacturers. “When di US and Middle East sneeze, di global economy catch cold, and Nigeria no be exception,” im talk.

Despite say global crude oil price don rise, wey dey around $84 per barrel recently, MAN talk say Nigeria no go gain much because di country production output weak, wey dey estimated between 1.3 and 1.4 million barrels per day. Dis one, e talk say, create one paradox where di country dey benefit from price increase but dey lose for volume-driven revenue, wey go limit foreign exchange wey dey enter di country.

“Di crisis also dey threaten Nigeria trade relations wit United States, one of im key partners. Nigeria exports to US reach $5.91 billion for 2024, wey be 9.3 per cent of total exports, while imports wey enter from US value reach $4.33 billion,” im add.

MAN warn say di wahala wey dey affect global logistics and Middle Eastern transit routes fit cause freight cost to increase, delivery time to prolong, and imported inflation to rise.

“Di way US dollar dey strengthen because of di way investors dey run go safe-haven assets don begin put new pressure on naira again, and di effect go show directly for factory floors,” di Association add.