Chairman and CEO of Dangote Group, Aliko Dangote, has warned that the ongoing Middle East crisis could push Nigeria and other African countries back to work from home arrangements similar to those used during COVID 19. He said the conflict, involving Iran, Israel and the United States, is driving oil price volatility that could worsen economic hardship across the continent.
Dangote spoke after a meeting with President Bola Tinubu at the President’s Ikoyi residence in Lagos. He expressed concern that many African countries have little or no financial reserves to cushion the impact of rising energy costs and global supply disruptions.
He noted that some countries are already asking people to work from home or reducing work days because they cannot afford high fuel costs. Citing Indonesia as an example, he said workers there now go to the office four days a week and may be told to stay home completely if the situation does not improve.
Dangote warned that if the crisis does not de escalate, energy prices will keep rising and governments will struggle to increase salaries or offer enough support to citizens. He cautioned that some players in the market may also try to exploit the situation to make extra profit, adding more pressure on ordinary people.
He stressed that Africa will pay a disproportionate price for a conflict in which the continent has no direct role. According to him, the crisis threatens to raise inflation, transport costs and the price of basic goods, especially in countries that depend heavily on imported fuel.
Speaking on President Tinubu’s recent state visit to the United Kingdom, Dangote said he was optimistic that the trip would open more doors for Nigerian business and investment. He welcomed the £746 million infrastructure agreement signed during the visit, describing it as important not just for the funds but for the renewed confidence it shows in Nigeria.
Dangote said he had visited the President to pay Eid el Fitr respects and to brief him on developments around the Middle East crisis and its impact on energy markets. He emphasised that Nigeria, despite being an oil producing nation, remains vulnerable because it still imports a large share of its refined petroleum products.
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