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Rising prices of building materials are increasingly constraining Nigeria’s real estate sector, slowing housing delivery and raising property prices across major cities. Developers say escalating costs for key construction inputs such as cement, steel, sand, and wood are making many projects financially unviable, delaying new developments and worsening the country’s housing deficit. According to industry stakeholders, the surge in material costs has become one of the biggest challenges to housing supply in Nigeria.

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An electricity distribution company has appealed to customers to show understanding over persistent power outages, stating that the poor electricity supply affecting many communities is beyond its control. The company explained that declining national power generation and gas supply shortages have significantly reduced the amount of electricity available for distribution across Nigeria.

Nigeria could generate as much as ₦30.2 trillion in additional oil revenue if escalating tensions in the Middle East push global crude prices higher, according to projections by the Nigerian Economic Summit Group (NESG). The policy think tank said the ongoing conflict involving the United States, Israel, and Iran could create a temporary surge in oil prices that may significantly boost Nigeria’s export earnings and fiscal revenues.

Nigeria’s economy is positioned to withstand potential shocks arising from escalating tensions between the United States and Iran, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. Cardoso stated that recent macroeconomic reforms have strengthened the country’s financial system, improved foreign exchange liquidity, and enhanced investor confidence.

Global oil prices have surged past $100 per barrel as escalating conflict in the Middle East heightens fears of major disruptions to global energy supply. The spike follows intensifying military confrontations involving Iran, the United States, and Israel, which have disrupted shipping routes and energy infrastructure across the region.

Energy analysts warn that continued hostilities could push prices even higher, raising inflation risks and triggering broader economic volatility in global markets.