…According to Dangote, if the situation worsens, it could severely disrupt livelihoods across the region.
LAGOS, NIGERIA- The iNews Times | Chairman and CEO of the Dangote Group, Aliko Dangote, has cautioned that the escalating Middle East crisis could compel Nigeria and other African nations to reintroduce COVID-19-style work-from-home measures if tensions persist.
Dangote issued the warning on Monday after meeting with Bola Tinubu at his Ikoyi residence in Lagos, voicing serious concerns over the economic strain that volatile oil prices could place on a continent already grappling with heavy debt.
He noted that many Africans lack financial buffers, explaining that a large number depend on daily earnings to survive. According to Dangote, if the situation worsens, it could severely disrupt livelihoods across the region.
Drawing comparisons with global responses to energy challenges, Dangote pointed to measures in Indonesia, where workers have been reduced to a four-day workweek, with authorities considering a full shift to remote work similar to the COVID-19 period.
He warned that Africa could bear the brunt of a crisis it played no role in, as rising energy costs and opportunistic pricing could further strain economies, making it difficult for governments to adjust wages accordingly.
Dangote stressed that small-scale business owners such as barbers, bakers, and others reliant on generators would be among the hardest hit, given the rising cost of fuel and energy.
He called for urgent global action and prayers to bring the conflict to an end, emphasizing the need for collective efforts to prevent further economic fallout.
On a more positive note, Dangote expressed optimism about the outcome of President Tinubu’s recent state visit to the United Kingdom, saying it could boost investor confidence in Nigeria.
He highlighted the £746 million infrastructure deal secured during the trip, describing it as a strong signal of trust in Nigeria’s economy rather than just its monetary value.
Dangote added that the agreement could attract interest from other countries, including Germany, potentially opening more investment opportunities.
He also revealed that Nigerian investors can now access funding from the UK Export Finance agency, a development he said would enable private sector players to secure financial support for major projects.
The agreement, which focuses on port development and other critical infrastructure, is expected to strengthen Nigeria’s economic outlook.
Dangote concluded by stating that his visit to the President was also to extend Eid-el-Fitr greetings and welcome him back from the trip.
The ongoing Middle East crisis continues to raise global concerns, particularly over oil price fluctuations that could impact inflation, transportation, and energy-dependent sectors across Africa.
