- Dangote also highlighted the possibility of global adjustments in response to the crisis
- Dangote praised President Tinubu’s recent state visit to the United Kingdom, describing it as a boost for Nigeria’s economy
President of Dangote Group, Aliko Dangote, has warned that ongoing instability in the Middle East could intensify economic pressures across Africa, citing rising volatility in the global oil market.
Speaking after meeting Bola Tinubu in Lagos on Monday, Eko Hot Blog gathered that Dangote noted that while Nigeria is not directly involved in the conflict, fluctuations in global oil prices would inevitably impact African economies.
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“Africa is already burdened with debt. Adding the effects of this crisis will increase hardship for governments and citizens alike,” he said, stressing that energy costs influence nearly every sector of the economy, from small businesses to large industries.
Dangote also highlighted the possibility of global adjustments in response to the crisis, such as reduced working hours and remote work measures, drawing parallels with strategies used during the COVID-19 pandemic to conserve energy.
On a positive note, Dangote praised President Tinubu’s recent state visit to the United Kingdom, describing it as a boost for Nigeria’s economic outlook.
He highlighted a key agreement worth roughly £746 million aimed at improving infrastructure, particularly ports, emphasizing that such deals demonstrate international confidence in Nigeria’s economy.
“The agreement is not just about the money; it signals renewed trust in Nigeria’s leadership and economic potential.
Other countries are likely to follow,” Dangote said, urging local investors to seize opportunities created by improved access to international credit and funding.
The businessman reiterated concerns over rising fuel costs in Nigeria, which have been exacerbated by global oil price increases.
These hikes have impacted households and businesses, many of which rely on petrol and diesel to power generators due to ongoing electricity supply challenges.
Dangote warned that if the Middle East conflict persists, the economic strain could worsen, affecting livelihoods and production costs across the continent.
He called for urgent attention and international cooperation to resolve the crisis and stabilize energy markets.
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