President of the Dangote Group, Aliko Dangote, has raised concerns over the growing volatility in the global oil market, warning that the ongoing conflict in the Middle East could worsen economic hardship across Africa if the crisis is not urgently de-escalated.
Dangote spoke on Monday after visiting President Bola Ahmed Tinubu in Lagos, days after the Nigerian leader returned from a state visit to the United Kingdom.
According to the billionaire industrialist, although Nigeria is not directly involved in the conflict, the ripple effects of rising global oil prices would inevitably affect the country and the wider African economy.
“It means quite a lot. We don’t have much to do with it, but the world is a global village. It will definitely affect us, unfortunately, but we pray this situation will be sorted out,” he said.
Dangote warned that if the crisis persists, African economies—already struggling with high debt obligations—could face deeper financial pressure.
“Africa is very busy paying debt, and putting this again on top of us is going to add a lot of hardship on people, the government and everyone, for something that we have no involvement in,” he added.
He noted that rising energy costs would have widespread effects on businesses and households, as sectors such as manufacturing, small enterprises, and services depend heavily on fuel to power generators due to electricity challenges.
“If this thing doesn’t de-escalate, it will keep going up and up. Governments cannot just increase salaries. People will really feel the impact—from barbers to bakeries and industries running generators,” Dangote said.
The business mogul also warned that some countries may resort to energy-saving measures similar to those adopted during the COVID-19 pandemic, including remote work and reduced work schedules.
Meanwhile, Dangote described President Tinubu’s recent visit to the United Kingdom as a major boost for Nigeria’s economic prospects.
According to him, the trip helped secure a £746 million agreement aimed at improving infrastructure, particularly in Nigeria’s ports and trade logistics.
“You can see the agreement that was signed for improving our infrastructure, especially the ports, which is almost £746 million. It’s not easy getting this kind of commitment,” he said.
Dangote added that the deal reflects renewed international confidence in Nigeria’s economy and leadership, predicting that other countries such as Germany may also step forward with similar partnerships.
Global oil prices have come under sustained pressure in recent weeks following escalating tensions in the Middle East, raising fears of supply disruptions and pushing crude prices upward.
In Nigeria, the effects are already visible in rising fuel prices as refiners and marketers adjust to higher crude costs. Operators including the Dangote Refinery have implemented price adjustments in recent weeks, reflecting global market realities.
The development has further increased the burden on consumers and businesses already grappling with inflation and rising transportation costs.
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