Nigeria's Economy Soars on Global Oil Price Rally

Nigeria's economy benefited significantly from the recent surge in global oil prices during the first half of this year, according to the African Export-Import Bank (Afreximbank).

The Afreximbank African Commodity Index (AACI) rose by 6.7% due to energy markets, with the Energy sub-index increasing by 13.6% to 191.6.

This growth was largely attributed to heightened geopolitical tensions in the Middle East and fears over possible disruptions to shipping through the Strait of Hormuz, which pushed Brent crude prices higher during the second quarter.

Nigeria, alongside Angola, Libya, and the Republic of Congo, were among the net oil exporters that gained from improved export earnings, stronger fiscal revenues, and better external balances on the back of firmer crude prices.