President of Dangote Group, Aliko Dangote, has raised concerns over increasing volatility in the global oil market, warning that the ongoing crisis in the Middle East could worsen economic hardship across Africa if not urgently addressed.
Dangote made the remarks after a visit to Bola Tinubu in Lagos on Monday, noting that although Nigeria is not directly involved in the conflict, the global nature of the oil market means its effects will be widely felt.
According to him, a prolonged escalation could significantly impact African economies already grappling with high debt levels and limited fiscal buffers.
“If it doesn’t de-escalate, we’ll end up paying big prices,” Dangote said, stressing that Africa is already burdened with debt obligations and cannot afford additional economic shocks.
He explained that rising energy costs would have a cascading effect across all sectors, affecting both small businesses and large industries. From artisans to manufacturers, many rely heavily on fuel-powered generators, making them particularly vulnerable to price increases.
Dangote warned that governments may struggle to respond effectively, as increasing salaries to match rising costs may not be feasible under current economic conditions.
He also pointed to possible global adjustments if the crisis persists, including reduced work schedules and a shift toward remote working to cut energy consumption—similar to measures adopted during the COVID-19 pandemic.
Highlighting examples from other countries, he noted that some governments are already considering shorter work weeks or remote work policies to mitigate the impact of rising energy costs.
The billionaire businessman emphasised the need for urgent global action to de-escalate tensions, warning that failure to do so could lead to widespread hardship for governments, businesses, and citizens alike.
