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President of the Dangote Group, Aliko Dangote, has raised fresh concerns over rising instability in the global oil market, warning that the ongoing Middle East crisis could deepen economic hardship across Africa.
Dangote spoke after meeting President Bola Tinubu in Lagos, noting 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.
“We don’t have much to do with it”, he said, warning that if the crisis is not quickly de-escalated, the consequences could be severe, particularly for African economies already struggling with debt burdens.
“If it doesn’t de-escalate, we’ll end up paying big prices… Africa is very busy paying debt, and putting this again on top of us is going to add a lot of hardship,” Dangote stated.
More broadly, he stressed that rising energy costs would ripple through everyday life, affecting both businesses and households.
“So if this thing doesn’t de-escalate, it is going to keep going up… people will really feel the hinge barbers, people who are doing bread, people who have industries,” he added, highlighting the pressure on small businesses reliant on fuel-powered generators.
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He also pointed to possible global adjustments if the crisis persists, noting that some countries may cut working days or adopt remote work models to manage energy demand.
“If it doesn’t improve, they will ask everybody not to go to work anymore… like the time of COVID,” he said.
However, Dangote struck a more optimistic note on Nigeria’s economic outlook, describing Tinubu’s recent visit to the United Kingdom as a step in the right direction.
According to him, the agreement, worth about £746 million, signals growing international confidence in Nigeria. “It’s not about the money. It’s about the confidence in Nigeria,” he said.
Meanwhile, the ongoing tensions have already pushed global crude prices higher, with countries like Nigeria feeling the pressure through rising fuel costs.
The effect has been visible locally, as refiners and marketers adjust prices, further squeezing consumers and businesses battling inflation and high operating costs.
