Africa’s leading industrialist, Aliko Dangote, has cautioned that rising tensions in the Middle East could trigger global oil shocks with serious implications for Nigeria and other African economies.
Dangote made this known on Monday in Lagos after a courtesy visit and Eid-el-Fitr homage to President Bola Tinubu.
He said the visit was to convey Sallah greetings, reconnect with the president, and reaffirm his continued support for the administration’s policies.
Dangote noted that although Nigeria is not directly involved in the Middle East crisis, the country would inevitably feel the impact due to global economic interdependence.
“We are part of a global village, and developments like this will affect us even if we are not directly involved,” he said.
He warned that prolonged geopolitical tensions could result in higher fuel prices, increased transportation costs, rising inflation, and broader economic hardship across Africa.
According to him, failure to de-escalate the situation could worsen existing economic challenges, placing additional strain on both governments and citizens.
Dangote explained that governments might face fiscal pressure as subsidies increase and revenues fluctuate under unstable global oil market conditions.
He also expressed concern that Africa’s growing debt burden could worsen if the crisis persists, limiting fiscal space and weakening economic resilience.
“Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people,” he said.
The business magnate stressed that rising energy costs would disrupt virtually all sectors of the economy, including small businesses, manufacturing, logistics, and household consumption.
“Energy affects everything from small enterprises like barbers to industries running generators. Everyone will feel the impact if costs continue to rise,” he said.
He noted that some countries have already begun adopting coping strategies such as reduced workdays, energy rationing, and remote working arrangements, which could negatively affect productivity.
Dangote urged global leaders to prioritise de-escalation, emphasising that many Africans depend on daily income for survival and are highly vulnerable to economic shocks.
“In Africa, many people depend on daily earnings. If they don’t work, they don’t eat. We hope the situation eases quickly,” he added.
On President Tinubu’s recent visit to the United Kingdom, Dangote said the trip had created new economic opportunities and strengthened Nigeria’s investment prospects.
“I believe the visit has opened many doors. Diplomacy without economic outcomes is incomplete, and this has created opportunities for Nigeria,” he said.
He noted that agreements reached during the visit, particularly in infrastructure and financing, reflected growing international confidence in Nigeria’s reform agenda.
Dangote said planned investments in critical sectors, especially port infrastructure, would enhance trade efficiency and support medium-term economic growth.
“These investments will improve our infrastructure and complement ongoing government efforts,” he said.
He expressed optimism that other countries, including Germany, would follow with additional investments as confidence in Nigeria’s economy continues to grow.
According to him, the agreements would also enable Nigerian private sector players to access international financing and technical support for large-scale projects.
“For Nigerian investors, this shows that global funding institutions are now open to supporting viable projects in the country,” he said.
Dangote described the development as a major breakthrough, noting that such financial opportunities had previously been underutilised by Nigerian businesses.
He reaffirmed his confidence in the administration, expressing optimism that ongoing reforms, strengthened partnerships, and investor confidence would drive sustainable economic growth in Nigeria.
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