Nigerian industrialist Aliko Dangote has cautioned that escalating tensions in the Middle East could trigger oil market instability with far-reaching implications for Nigeria and African economies.
He made the remarks on Monday in Lagos after visiting President Bola Tinubu to extend Eid-el-Fitr greetings and reaffirm support for the administration.
Dangote said that while Nigeria is not directly involved in the crisis, global economic interdependence means it will inevitably feel the effects.
He warned that sustained tensions could lead to higher fuel prices, increased inflation and rising costs of living, compounding existing economic challenges across the continent.
He further noted that governments may face additional fiscal strain due to fluctuating revenues and subsidy pressures, while Africa’s growing debt burden could worsen under prolonged instability.
“Energy affects everything,” Dangote said, explaining that higher costs would impact sectors ranging from small enterprises to heavy industry and logistics.
He added that coping measures such as reduced workdays, energy rationing and remote working—already adopted in some countries—could dampen productivity and economic output.
Dangote called for urgent global efforts to de-escalate the crisis, stressing that many Nigerians and Africans rely on daily income and are highly exposed to economic disruptions.
Commenting on Tinubu’s recent visit to the United Kingdom, Dangote said the trip had boosted investor confidence and created new opportunities for Nigeria.
He said agreements reached, particularly in infrastructure and financing, would improve trade efficiency and enable local investors to access international funding and technical support.
Dangote described the development as a significant step forward, noting that such financing opportunities had previously been underutilised by Nigerian businesses.
He expressed optimism that increased confidence in Nigeria’s economy would attract further investments from countries such as Germany and support long-term growth.
