Aliko Dangote, President of the Dangote Group, has expressed concern that the ongoing crisis in the Middle East could worsen economic hardships in Nigeria if it persists.
Dangote made the comments on Monday after meeting with President Bola Tinubu in Lagos. While Nigeria is not directly involved in the conflict, he warned that fluctuations in global oil prices could have significant ripple effects on the country’s economy.
“It means quite a lot. We don’t have much to do with it, but the world is a global village, and it will inevitably affect us. We pray the situation will be resolved soon,” Dangote said.
He cautioned that a prolonged crisis could destabilize economies, particularly in Africa, where debt levels are high and fiscal buffers are limited. “If it doesn’t de-escalate, we’ll end up paying a big price. Africa is already servicing debt, and this adds extra hardship for governments and citizens,” he added.
Dangote also highlighted that energy costs affect nearly all sectors of the economy. Sustained increases, he said, could have widespread consequences for livelihoods and production. “People running small businesses, bakeries, industries, or relying on generators will feel the impact immediately,” he noted.
He further pointed out that some countries might adopt measures such as shorter workweeks or remote work to reduce energy consumption, similar to approaches taken during the COVID-19 pandemic.
“We need all hands on deck and prayers for this crisis to end quickly,” Dangote concluded.
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