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The escalation of the ongoing conflict in the Middle East could spike global oil prices and that could result in slowing down economic growth, Ben Akabueze, the Director General of the Nigerian Budget Office of the Federation, told Sputnik.

💬”If the conflict escalates, it might have implications for global oil prices, oil markets, and to that extent,” Akabueze said. “We don’t want to see oil prices rising to the point where they begin to slow down economic growth globally and create a problem.”

Akabueze noted that at the moment, Nigeria has not been affected by the conflict, stressing that it is a non-aligned country.