President of the Dangote Group, Aliko Dangote, has expressed concern over rising instability in the global oil market, warning that the ongoing Middle East conflict could deepen economic hardship across Africa if it is not urgently resolved.
Speaking after a meeting with President Bola Tinubu in Lagos, Dangote noted that although Nigeria is not directly involved in the conflict, its economic impact will still be felt due to global interdependence.
He cautioned that a prolonged crisis could further strain African economies already grappling with high debt burdens and limited financial buffers, stressing that the consequences would affect both governments and citizens.
Dangote highlighted the central role of energy costs in everyday life and business operations, noting that sustained increases in oil prices would trigger widespread economic pressure—from small businesses to large industries relying on fuel for production.
He also warned that continued escalation could force governments worldwide to adopt cost-saving measures, including reduced workdays and increased remote work, similar to adjustments seen during the COVID-19 pandemic.
Calling for urgent global action, Dangote emphasised the need for de-escalation to prevent further economic disruption and hardship, particularly for countries with limited capacity to absorb external shocks.
