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Nigeria·Middle East·Energy·Trade & Economy

Nigeria's small businesses struggle as Middle East conflict drives fuel prices to record highs

Wednesday, 29 July 2026, 06:18 · 1 min read

The ongoing conflict involving Iran has sent fuel prices soaring in Lagos, Nigeria's commercial capital, nearly doubling the cost per litre from 800 naira to 1,400 naira (roughly 60 cents to $1) and forcing small businesses to the edge of viability. Because Nigeria's retail economy is heavily tied to fuel costs — most businesses rely on private generators due to chronic electricity shortages — the price surge has rippled across nearly every sector. Printing shop co-owner Oluwatosin Awodunmila, based in the Somolu district of Lagos, says she and her husband have been forced to extend delivery times from one day to three-to-five working days and have absorbed higher costs rather than pass them on to customers, adding: "My biggest wish right now is a 24-hour supply of electricity and the war in Iran to end."

Sources
AfricanewsBusinesses in Lagos try to stay afloat as fuel prices soar ↗︎
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