Dangote: Nigeria, Africa’ll Feel Effect of M’East Crisis Due to Deep Global Economic Interdependence

Deji Elumoye in Abuja

President of Dangote Group, Alhaji Aliko Dangote, has declared that although Nigeria has no direct role in the Middle East crisis, it will still feel its impact due to deep global economic interdependence.

Speaking with newsmen on Monday after paying a Sallah homage to President Bola Tinubu at his Ikoyi, Lagos residence, Dangote also warned that the Middle East crisis driving global oil volatility could have far-reaching consequences for Nigeria and African economies.

His words: “We are part of a global village, and unfortunately, developments like this will affect us even if we are not directly involved.”

According to him, prolonged tensions could trigger higher fuel prices, rising transport costs, inflationary pressures, and widespread hardship across African economies.

“If the situation does not de-escalate, we will end up paying a heavy price, especially given existing economic challenges”.
Dangote submitted that governments could face mounting fiscal strain as subsidies rise and revenues fluctuate under unstable global oil market conditions.

He added that Africa’s rising debt burden could worsen under prolonged instability, further limiting fiscal space and weakening economic resilience.

“Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people”.
He said escalating energy costs would disrupt nearly every sector, including small enterprises, manufacturing chains, logistics operations and household consumption patterns.

“Ifyou look at it now, when you talk about energy, energy affects almost everything and it’s not only energy, some people will try and take a chance and say this an opportunity so let me make money.

“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. So people will really feel the heat. People like barbers, people who are making bread, people who have industries, who have to fire their own generators.

“I mean, you can see, in some countries today what they’ve done is ask everybody to work from home because they cannot… I think in Indonesia or so, they said 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 did that in the time of COVID-19, where people worked from home.
“So I pray, and we all need to pray that this thing de-escalates. If it doesn’t escalate, normally we in Africa, we don’t have any reserves in terms of savings or in terms of… people normally go out and look for money for the next day or even for the same day. 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.

“Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact if costs continue to rise”.

Dangote noted that some countries have started adopting coping strategies such as reduced workdays, energy rationing, and remote working arrangements.

In his words, such measures, while necessary, could reduce productivity, slow economic output, and affect livelihoods, particularly among vulnerable populations.

Dangote urged global leaders to prioritise de-escalation, stressing that many Africans rely on daily earnings and remain highly exposed to economic shocks.

“In Africa, in Nigeria, many people depend on daily earnings. If they don’t work, they don’t eat. So we must pray this situation comes down quickly,” he further explsined.