Africa’s richest man and President of the Dangote Group, Aliko Dangote, has warned that escalating tensions in the Middle East could have severe economic consequences for Nigeria and other African nations.
Dangote gave the warning after a visit to President Bola Ahmed Tinubu in Lagos, noting that the current global energy shock is part of wider disruptions triggered by geopolitical tensions involving the United States, Israel, and Iran.
He cautioned that a prolonged conflict could drive up energy costs, worsen inflation, and increase pressure on already fragile African economies burdened by rising debt.
According to Dangote, the crisis has heightened volatility in global oil and gas markets, with direct implications for Nigeria, where energy costs significantly influence the prices of goods and services.
He emphasized that energy is critical to economic activities, powering industries, transportation, and small businesses, many of which rely heavily on petrol and diesel.
Dangote also warned that some individuals may exploit the situation for profit, further increasing prices and deepening the burden on citizens.
He added that several countries are already adopting cost-cutting measures, including encouraging remote work to reduce energy consumption.
While noting that Nigeria is not directly involved in the conflict, Dangote stressed that its global impact could hit Africa hardest due to the continent’s limited economic buffers.
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