Aliko Dangote, President of the Dangote Group, has urged for calm and diplomatic resolution amid escalating tensions in the Middle East, warning that the crisis could deepen economic hardship especially across Africa.
Speaking after a meeting with President Bola Ahmed Tinubu in Lagos, Dangote highlighted the far-reaching consequences of global oil market instability, noting that even countries not directly involved in the conflict would feel the impact.
“It means quite a lot. We don’t have much to do with it, but I know the world is a global village. And it definitely will affect us, unfortunately, but we pray this situation will be sorted out,” he said.
He cautioned that a prolonged crisis could further strain African economies already grappling with debt and limited fiscal capacity.
“If it doesn’t de-escalate, we’ll end up paying big prices, like what I said earlier on to CNN. Africa is very busy paying debt, and putting this again on top of us is going to add a lot of hardship on people, on the government, on the people, on everybody, for something that we have no involvement in.”
Dangote stressed that rising energy costs would have a ripple effect across all sectors, affecting households, small businesses, and industries alike.
“So if this thing doesn’t de-escalate, it is going to keep going up and up and up, and governments cannot really now go and add salaries also. So people will really feel the hinge — barbers, people who are doing bread, people who have industries, who have to fire their own generator,” he said.
He also pointed to possible global adjustments in response to the crisis, including reduced working days and increased remote work to cut energy consumption.
“I mean, you can see in some countries today what they’ve done; they asked everybody to work from home. I think in Indonesia, they say, ‘No, only go to work four days a week.’ And they will look at the situation.
“If it doesn’t improve, they will ask everybody not to go to work anymore. We will do it like the time of COVID, where people will now go and work from home.
“If they don’t work that day, they won’t eat. So I think really we just need all hands on deck to pray that this thing comes to an end,” he added.
Dangote also described President Tinubu’s recent state visit to the United Kingdom as a major boost for Nigeria’s economic outlook, particularly in attracting foreign investment.
“Well, I think it has opened ways. Today, diplomacy without the economic part of it is not complete. So I believe his own visit will open quite a lot of doors,” he said.
He highlighted the £746 million infrastructure agreement secured during the visit as a strong signal of renewed investor confidence.
“You can see the agreement that was signed for actually improving our infrastructure, especially in the ports and other areas, which is almost £746 million; that’s quite a lot. It’s not that easy dealing with the British, getting this kind of money out of them. They, too, are struggling on their own.”
According to Dangote, the deal goes beyond funding, reflecting growing global trust in Nigeria’s economic direction.
“But I think this is to show confidence. It’s not about the money. It’s about the confidence in Nigeria.
“So the moment that they do that, there will be other countries that will follow suit… Germany will come, others, so they will line up and start coming now,” he added.
The ongoing Middle East tensions have already triggered volatility in global oil markets, with fears of supply disruptions pushing prices higher.
For Nigeria, this has translated into rising fuel costs, as refiners and marketers adjust to global price changes. Increased energy costs have also placed additional pressure on businesses that rely heavily on petrol and diesel due to persistent electricity challenges.
As a result, production costs continue to rise, with the burden ultimately passed on to consumers, further intensifying inflationary pressures.
Dangote’s warning underscores the interconnected nature of today’s global economy, where geopolitical conflicts can quickly translate into economic strain for distant nations. While Nigeria stands to benefit from new international partnerships, the need for stability in global energy markets remains critical. A swift de-escalation of the Middle East conflict, he suggests, is essential to prevent deeper economic fallout both locally and globally.
