President of Dangote Group, Aliko Dangote, has expressed concern over rising volatility in the global oil market, cautioning that the ongoing Middle East conflict could worsen economic conditions across Africa if it persists.
Speaking after a visit to President Bola Ahmed Tinubu in Lagos on Monday, 23 March 2026, Dangote noted that although Nigeria is not directly involved in the crisis, its economic impact would be unavoidable due to global market interconnectedness.
“It means quite a lot. We don’t have much to do with it, but I know the world is a global village. And it definitely will affect us, unfortunately, but we pray this situation will be sorted out,” he said.
He warned that a prolonged conflict could further strain African economies already grappling with debt burdens and limited fiscal capacity.
“If it doesn’t de-escalate, we’ll end up paying big prices, like what I said earlier on to CNN. Africa is very busy paying debt, and putting this again on top of us is going to add a lot of hardship on people, on the government, on the people, on everybody, for something that we have no involvement in.”
Dangote emphasised the central role of energy costs in economic activity, noting that sustained increases would have widespread consequences for businesses and households.
“So if this thing doesn’t de-escalate, it is going to keep going up and up and up, and governments cannot really now go and add salaries also. So people will really feel the hinge — barbers, people who are doing bread, people who have industries, who have to fire their own generator,” he said.
He also highlighted potential global responses to rising energy costs, including reduced working days and increased remote work arrangements.
“I mean, you can see in some countries today what they’ve done; they asked everybody to work from home. I think in Indonesia, they say, ‘No, only go to work four days a week.’ And they will look at the situation.
“If it doesn’t improve, they will ask everybody not to go to work anymore. We will do it like the time of COVID, where people will now go and work from home.
“If they don’t work that day, they won’t eat. So I think really we just need all hands on deck to pray that this thing comes to an end,” said the businessman.
Commenting on Tinubu’s recent state visit to the United Kingdom, Dangote described it as a positive step for Nigeria’s economic outlook, particularly in strengthening international partnerships.
“Well, I think it has opened ways. Today, diplomacy without the economic part of it is not complete. So I believe his own visit will open quite a lot of doors,” he said.
He referenced a major agreement valued at about £746 million aimed at improving infrastructure, including ports, noting that such deals are not easily secured.
“You can see the agreement that was signed for actually improving our infrastructure, especially in the ports and other areas, which is almost £746 million; that’s quite a lot. It’s not that easy dealing with the British, getting this kind of money out of them. They, too, are struggling on their own.”
Dangote added that beyond the financial value, the agreement signals growing international confidence in Nigeria’s economy.
“But I think this is to show confidence. It’s not about the money. It’s about the confidence in Nigeria.
“So the moment that they do that, there will be other countries that will follow suit… Germany will come, others, so they will line up and start coming now,” he said.
He also urged Nigerian investors to leverage emerging opportunities from such international engagements, particularly in accessing global credit facilities.
