Dangote to Tinubu: Middle East war could trigger fresh economic pain for Africa

President of the Dangote Group, Aliko Dangote, has cautioned that the ongoing conflict in the Middle East could trigger severe economic consequences for Africa, particularly through rising volatility in the global oil market.

Dangote made the remarks on Monday after meeting with President Bola Ahmed Tinubu in Lagos, where he highlighted the broader implications of the crisis despite Nigeria not being directly involved.

“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.

*Rising Oil Prices Could Deepen Hardship in Africa*

The billionaire industrialist warned that a prolonged conflict could further strain already fragile African economies, many of which are grappling with rising debt and limited fiscal buffers.

“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 stressed that energy costs remain central to economic activity, meaning any sustained increase in oil prices would have a ripple effect across industries 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.

Dangote also pointed to possible global responses to rising energy costs, including reduced work schedules and a return to remote working patterns similar to the COVID-19 era.

“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,” he added.

*Dangote Hails Tinubu’s UK Visit, £746m Deal*

On the domestic front, Dangote described President Tinubu’s recent state visit to the United Kingdom as a significant step toward strengthening Nigeria’s economic outlook.

“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, noting that securing such commitments from international partners is no small feat.

“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 emphasized that the deal signals renewed investor confidence in Nigeria.

“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 added.

Dangote urged Nigerian investors to position themselves to benefit from emerging opportunities, particularly through improved access to international credit facilities linked to the new agreements.

He maintained that proactive engagement by local businesses would be key to translating diplomatic gains into tangible economic growth.

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