India Rupee Hits Record Low Amid Middle East Conflict

African outlets focus on the Middle East war as both a cost shock for importers and an opening for local producers like Nigeria’s Dangote Refinery. Business associations in Nigeria and South Africa warn that higher energy and input costs could lead to business closures, job losses and wage pressure. They expect that if Middle East supplies remain disrupted, African refineries and manufacturers may gain market share but households will still face higher prices.

• •Nigerian business groups such as NECA warn that the Middle East war could cause widespread business closures and job losses because of rising costs.
• •South African reports describe salaries as largely steady while concern grows over higher living costs linked to the conflict.
• •Nigeria’s Dangote Refinery is supplying more fuel to regional markets as cheaper imports from the Middle East have declined.
• •African importers face higher shipping and insurance costs on routes affected by the Middle East war.
• •Local chambers of commerce in Nigeria caution that small and medium‑sized enterprises are most exposed to war‑driven cost increases.