• Nigeria joins IEA as association country 

Heads of the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group (WBG) and World Trade Organisation (WTO) have warned that although the global economy has shown resilience in the face of the Middle East conflict, significant risks to energy markets, trade flows and economic stability remain.

This was as Nigeria was admitted as an Association Country of IEA, a development the Federal Government described as a major step in strengthening the country’s role in global energy governance and international cooperation.

In a joint statement following a high-level meeting in Washington, D.C., leaders of the four institutions said they had reviewed the latest developments in energy supplies, global trade, and economic conditions, and assessed the impact of the conflict on vulnerable countries.

The meeting was part of a coordination mechanism established in April to strengthen the collective response of the four organisations to the energy, trade and economic consequences arising from the war in the Middle East.

The institutions noted that the global economy remained broadly resilient despite the shock created by the conflict.
However, they acknowledged that the impact has been uneven across countries and regions, with some economies experiencing slower growth and higher inflation.

According to the statement, the conflict has affected energy supplies, food security, commodity markets and economic activity in multiple parts of the world, while also raising broader concerns about growth prospects and price stability.

The four bodies welcomed ongoing efforts towards resolving the conflict and called for the immediate reopening of the Strait of Hormuz, one of the world’s most strategically important maritime trade routes for energy shipments. They noted that fuel and fertiliser prices declined since their previous meeting in June, offering some relief to global markets.

Despite these improvements, the leaders emphasised that uncertainty remains elevated and warned that the economic effects of the war could continue for an extended period. They pointed out that energy markets and international cargo transportation were still facing pressures, with global supply chains remaining vulnerable to further disruptions.

The IEA, IMF, World Bank, and WTO reaffirmed their commitment to closely monitoring developments in energy, trade, and the global economy. They pledged to maintain readiness to take further action if necessary and to continue adapting support measures for member countries as the situation evolves.

The four institutions said their ongoing efforts would focus on helping countries strengthen energy security, improve food resilience, bolster trade systems and build stronger economic foundations capable of withstanding future crises, underscoring the need for continued international cooperation as uncertainty surrounding the Middle East conflict persists.

HE Ministry of Foreign Affairs announced Nigeria’s admission as an Association Country of IEA in a statement, yesterday, by its spokesperson, Kimiebi Ebienfa, who said the decision was approved by the IEA Governing Board and formally conveyed by its Executive Director, Dr Fatih Birol.

According to the ministry, Nigeria’s admission was completed through the fastest accession process in the IEA’s 52-year history, underscoring the country’s growing influence in the global energy sector and its recognition as a dependable international energy partner.

The ministry explained that the IEA consists of 32 member countries and 13 Association Countries, representing about 75 per cent of global energy demand.

It said Nigeria’s admission would give the country a stronger platform to contribute to the formulation of global energy policies while opening new opportunities for collaboration with leading energy-producing and energy-consuming nations.