**US-Israel vs. Iran Conflict: What Nigeria Can Learn from the Emergency Reserves** The ongoing conflict between the United States, Israel, and Iran has sent shockwaves across the globe, threatening global economic stability. As the world grapples with the consequences of this war, Nigeria's emergency reserves are being put to the test. The closure of the Strait of Hormuz, a crucial water route for oil exports, has led to a sharp increase in crude oil prices. A significant portion of the world's oil, liquefied natural gas, fertilizer, and jet fuel pass through this corridor daily. This has far-reaching implications for Nigeria, which relies heavily on imported refined petroleum products. Nigeria's four dysfunctional refineries are a major concern, as they increase the country's dependence on foreign exchange to import refined petroleum products. This is a costly burden on the economy, particularly in a country with weak institutions and a fragile generator-economy. The ongoing conflict has highlighted the importance of emergency reserves in navigating global economic shocks. Nigeria's emergency reserves, also known as the Strategic Reserve, are meant to cushion the impact of such shocks. However, the question remains: are these reserves sufficient to mitigate the effects of a global economic crisis? Nigeria's experience with the COVID-19 pandemic has shown that emergency reserves can play a crucial role in stabilizing the economy. The government's decision to draw from the Strategic Reserve during the pandemic helped to alleviate the economic impact of lockdowns and other restrictions. In the face of the US-Israel vs. Iran conflict, Nigeria must take a close look at its emergency reserves and consider bolstering them to prepare for potential economic shocks. This includes implementing policies that promote local refining capacity, increasing the country's oil storage capacity, and diversifying the economy to reduce dependence on imported refined petroleum products. Ultimately, the ongoing conflict serves as a reminder of the importance of prudent economic management and preparedness. Nigeria must learn from this experience and take steps to strengthen its emergency reserves, ensuring that the country is better equipped to navigate future global economic challenges.