High Oil Prices Cut Both Ways for Africa’s Top Crude Producer

Nigerian Finance Minister Wale Edun said soaring oil prices are a double-edged sword for Africa’s top crude producer, while outlining steps it has taken to mute the impact of the Iran war on households.

“We definitely as Nigeria stand to benefit from higher oil prices,” he said in an interview Wednesday during the Spring Meetings of the International Monetary Fund and World Bank in Washington. “However, it is not a one-way street. We also have the inflationary effect.”