President of the Dangote Group, Aliko Dangote, has raised alarm over the potential economic consequences of the ongoing Middle East crisis, warning that Nigeria and other African nations may be forced to adopt COVID-19-style work-from-home measures if the situation worsens.
Dangote issued the warning on Monday after a meeting with Bola Ahmed Tinubu at his residence in Ikoyi, Lagos, expressing deep concerns about rising oil prices and their ripple effects on fragile African economies.
Fear of Economic Strain
Speaking after the meeting, Dangote emphasized that many African countries lack sufficient financial reserves to withstand prolonged economic shocks.
According to him, millions of Africans depend on daily income for survival, making any disruption to economic activity particularly dangerous.
“If this thing doesn’t de-escalate, we in Africa don’t have savings. People go out every day to earn a living. If they don’t work that day, they may not eat,” he said.
He warned that escalating tensions in the Middle East could drive oil prices even higher, worsening inflation and placing additional pressure on already struggling economies.
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Possible Return to COVID-19 Measures
Dangote pointed to measures already being considered in countries like Indonesia, where authorities have introduced reduced working days and are exploring full remote work policies to cut costs.
“In some countries, people are already working fewer days. If things don’t improve, they may ask everyone to stay at home again — just like during COVID,” Dangote explained.
He suggested that similar policies could become necessary in Nigeria if fuel prices continue to surge and economic conditions deteriorate.
Impact on Small Businesses
The billionaire industrialist stressed that the hardest-hit groups would be small business owners and informal workers who rely heavily on fuel-powered generators.
He highlighted sectors such as:
- Barbers
- Bakers
- Small-scale manufacturers
- Traders and artisans
These groups, he said, are especially vulnerable because of Nigeria’s heavy dependence on petrol for electricity generation.
“People who run businesses on generators are already feeling the pressure. If fuel prices keep rising, it will become unbearable,” he added.
Africa to Bear the Brunt
Dangote lamented that Africa could suffer disproportionately from a crisis it did not create.
He warned that opportunistic market behavior could further worsen the situation, as some players may exploit the crisis to increase prices.
“Africa will pay heavily for something it has no hand in. Prices will keep rising, and governments cannot keep increasing salaries to match,” he noted.
Call for Urgent Action
Dangote called for global efforts to de-escalate tensions and prevent further economic damage.
“We need all hands on deck to ensure this crisis ends quickly,” he said, urging both diplomatic intervention and collective prayers.
Optimism Over UK Investment Deal
Speaking on a more positive note, Dangote expressed optimism about Bola Ahmed Tinubu’s recent visit to the United Kingdom, describing it as a major step toward boosting investor confidence in Nigeria.
He highlighted the £746 million infrastructure agreement secured during the trip, noting that its significance goes beyond financial value.
“It’s not just about the money. It’s about confidence in Nigeria. Once others see this, more countries like Germany will come in,” he said.
New Opportunities for Nigerian Investors
Dangote also revealed that Nigerian businesses can now access funding from the UK Export Finance, a development he described as long overdue.
According to him, this opens new doors for private sector players to secure financial support for major projects.
“This means Nigerian investors can now approach the agency directly for support. It is now open for business,” he explained.
Broader Economic Concerns
The ongoing Middle East conflict has triggered volatility in global oil markets, raising fears of:
- Increased fuel prices
- Higher transportation costs
- Rising inflation
Despite being an oil-producing nation, Nigeria remains highly vulnerable due to its reliance on imported refined petroleum products.
Zilla Naija Insight
Dangote’s warning highlights a deeper structural problem in Nigeria’s economy — heavy dependence on petrol for both transportation and electricity. If the Middle East crisis continues, Nigerians could face a double burden of rising fuel costs and reduced economic activity. This situation reinforces the urgent need for stable power supply and energy diversification to protect businesses and households from global shocks.
