Chairman of Dangote Group, Aliko Dangote, has warned that the ongoing Middle East crisis could force Nigeria and other African countries to consider measures similar to COVID-19 restrictions, including work-from-home arrangements.
Dangote made the remarks after meeting with President Bola Tinubu in Lagos, expressing concern over the economic strain caused by rising oil prices, especially for countries with limited financial reserves.
He noted that many Africans rely on daily income for survival, warning that prolonged instability could severely affect livelihoods. He cited examples from countries like Indonesia, where reduced work schedules and remote work policies are being considered to manage economic pressures.
According to him, Africa may suffer disproportionately from a crisis it did not create, particularly as governments may struggle to cushion the impact of rising energy costs and inflation.
Dangote highlighted that small businesses and informal workers—such as barbers, food vendors, and small-scale manufacturers—would be among the hardest hit, especially those dependent on generators due to unreliable power supply.
He stressed that continued escalation could lead to increased hardship across the continent, urging global efforts to de-escalate the conflict.
On a more positive note, Dangote expressed optimism about Nigeria’s economic prospects following President Tinubu’s recent visit to the United Kingdom. He described a £746 million infrastructure agreement reached during the trip as a sign of growing international confidence in Nigeria.
He added that the development could attract further investments from other countries and open new financing opportunities for Nigerian businesses, particularly through access to UK Export Finance.
The industrialist concluded by emphasising the need for stability in global energy markets, warning that continued volatility could worsen inflation and economic challenges across Africa.
