Africa’s richest businessman, Aliko Dangote, has warned that the ongoing crisis in the Middle East could significantly worsen economic hardship in Nigeria and across Africa if tensions are not urgently reduced.
Dangote made this known after a meeting with Bola Tinubu in Lagos, just days after the president returned from an official visit to the United Kingdom.
He stressed that although Nigeria is not directly involved in the conflict, the global nature of the oil market means the country will inevitably feel the impact.
“It will affect us, unfortunately,” Dangote said. “We just need to pray that this situation will be sorted out.”
The billionaire industrialist explained that rising oil prices driven by instability in the Middle East could create a ripple effect across African economies, especially those already struggling with debt and inflation.
According to him, a prolonged crisis could worsen financial pressure on governments and citizens alike, as energy costs continue to climb.
“Africa is already busy paying debt,” he noted. “Adding this kind of crisis will increase hardship on governments and the people.”
Dangote emphasised that energy costs are central to nearly every sector of the economy. He pointed out that small businesses and industries in Nigeria, many of which rely on petrol and diesel generators due to unstable electricity, would be hit hardest.
“If this continues, costs will keep rising — for barbers, bakers, and industries. Everyone will feel it,” he said.
He also warned that countries around the world may adopt emergency measures such as reduced workdays or remote work policies, similar to what was seen during the COVID-19 pandemic, to cope with rising energy costs.
On a more positive note, Dangote described Tinubu’s recent UK visit as a major boost for Nigeria’s economic outlook.
He highlighted a £746 million agreement secured during the trip, noting that beyond the financial value, it signals growing international confidence in Nigeria.
“It’s not just about the money,” he said. “It shows confidence in Nigeria, and other countries may follow.”
The Middle East crisis has already triggered a surge in global oil prices, affecting fuel costs in Nigeria. This has led to recent price increases by refiners, including the Dangote Refinery, further increasing the burden on consumers.
As the situation unfolds, Dangote called for urgent global efforts to de-escalate tensions, warning that failure to do so could deepen economic challenges not just in Africa, but worldwide.
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