Nigeria has warned that prolonged instability across the Red Sea could disrupt global oil supplies, increase maritime transportation costs and place fresh pressure on international energy markets, as renewed hostilities between Yemen's Houthi movement and Saudi Arabia threaten one of the world's busiest shipping corridors.
The Federal Government said any sustained disruption to commercial navigation through the Bab al-Mandab Strait would have far-reaching consequences for global crude flows, shipping logistics and international trade, particularly as the crisis unfolds alongside lingering tensions around the Strait of Hormuz and the continuing Russia-Ukraine conflict.
Speaking during a press briefing in Abuja on Monday, the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, said Nigeria was closely monitoring developments in the region and urged all parties to prioritise dialogue over further military escalation.
"As a major oil-producing country, we recognise that any interruption to these strategic maritime routes could have direct implications for global energy security and international commerce," he said.
Ebienfa noted that attacks on commercial vessels were already translating into higher insurance costs, longer shipping routes around the Cape of Good Hope and rising freight charges, factors that continue to support higher international crude oil prices.
Nigeria also expressed solidarity with Saudi Arabia following attacks on its oil facilities, warning that prolonged volatility would not only threaten energy security but also place additional economic pressure on developing countries that depend on stable oil revenues and affordable fuel imports.
While welcoming the recent suspension of hostilities between the United States and Iran after 13 consecutive days of military strikes, the Federal Government called on the Houthis, Saudi Arabia, Iran and the United States to exercise restraint and pursue diplomatic engagement through established international channels.
Ebienfa stressed that restoring safe navigation through both the Red Sea and the Strait of Hormuz remained critical to preserving the uninterrupted movement of global energy supplies and limiting further damage to the world economy.
"The time for de-escalation is now. The stability of global oil markets and the well-being of nations worldwide depend on it," he said.
The ministry also expressed concern about the implications of the crisis for Nigerians residing and working across the Gulf region, noting that thousands are employed in the oil and gas, healthcare and education sectors.
"We just want a peaceful resolution of these issues because of the adverse effect they have on other countries and nationalities around the world," Ebienfa added.
He further noted that Nigeria continues to maintain cordial diplomatic relations with countries across the Middle East, referencing recent high-level engagements with Qatar and the United Arab Emirates.
On Nigeria's oil exports, Ebienfa acknowledged that although temporary supply disruptions elsewhere could increase demand for Nigerian crude, prolonged instability would ultimately affect global shipping operations and drive up transportation costs.
"If vessels are stranded there, it will affect the supply chain. The same ships move between different ports around the world, so if they are trapped in one location, maritime transportation costs will inevitably increase," he said.
He added that Nigeria's crude oil and liquefied natural gas exports could also face logistical challenges should key maritime routes remain inaccessible.
The government's latest remarks reinforce an earlier statement issued on Sunday, in which it warned that continued hostilities in the Red Sea threaten one of the world's most strategic maritime corridors. Abuja reiterated its support for international efforts aimed at reducing tensions, protecting critical maritime infrastructure and preserving global peace and security while expressing sympathy with Saudi Arabia over attacks on its oil facilities.