Lagos: Industrialist Alhaji Aliko Dangote has cautioned that escalating tensions in the Middle East could trigger severe oil shocks with far‑reaching consequences for Nigeria and the wider African economy.
Speaking on Monday, he said volatility in global energy markets posed risks to growth and stability, urging policymakers to prepare for potential disruptions.
Dangote warned that continued tensions could drive up fuel prices, transport costs, inflation, and hardship across Africa, while rising debt burdens and fiscal pressures could compound the challenge.
He noted that higher energy costs would affect households, small businesses, and industries alike, with some countries already resorting to reduced workdays, rationing, and remote work to cope. “In Africa, in Nigeria, many people depend on daily earnings. If they don’t work, they don’t eat. So we must pray that this situation comes down quickly,” he said.
Dangote also praised the outcomes of President Bola Tinubu’s recent state visit to the United Kingdom, describing agreements in infrastructure, financing, and trade as a breakthrough that strengthens investor confidence in Nigeria’s reform agenda. He said the deals would improve key sectors such as ports, expand access to international credit for Nigerian businesses, and attract further foreign investment.
Reaffirming his support for the administration, Dangote expressed optimism that reforms and new partnerships would drive sustainable growth and position Nigeria as a leading destination for opportunity in Africa.