Aliko Dangote, President of the Dangote Group, has issued a stark warning regarding the escalating conflict in the Middle East, noting that global oil market volatility poses a severe threat to African economies.
Speaking after a high-level meeting with President Bola Tinubu in Lagos on Monday, the billionaire businessman emphasized that while Nigeria is not a direct party to the conflict, the resulting spike in energy costs will inevitably hurt local businesses and households.
Dangote highlighted that Africa is already struggling with high debt profiles, and any further increase in crude prices would force governments into difficult fiscal positions.
During his discussion with the President, he suggested that Nigeria might eventually need to adopt global strategies like remote work or reduced work weeks to manage energy consumption if the crisis persists.
Addressing the economic impact on the average Nigerian, Dangote noted:
“If this thing doesn’t de-escalate, it is going to keep going up and up, and governments cannot really now go and add salaries also. People will really feel the hinge—barbers, people who are doing bread, people who have industries.”
Despite the global concerns, Dangote expressed strong optimism regarding President Tinubu’s recent diplomatic mission to the United Kingdom.
He described the £746 million agreement secured for Nigerian infrastructure as a "massive vote of confidence" in the nation’s leadership.
He urged local investors to capitalize on these new international credit facilities to drive growth in the maritime and energy sectors.
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