Africa’s richest man and President of the Dangote Group, Aliko Dangote, has raised fresh concerns over the economic ripple effects of the escalating Middle East crisis, warning that Nigeria could be forced to return to COVID-19-style remote work measures if the situation persists.
Dangote made the remarks after a meeting with Bola Ahmed Tinubu in Lagos, where discussions reportedly focused on the potential fallout of rising global oil prices on Nigeria’s fragile economy.
According to him, continued volatility in oil prices triggered by tensions involving Iran and the United States could severely strain African economies that already lack sufficient financial buffers.
“If this thing doesn’t de-escalate, you know, normally we in Africa, we don’t have any reserves in terms of savings,” Dangote said.
“People normally go out and look for money for the next day or for the same day. Some of them, if they don’t work that day, they won’t eat.”
Dangote pointed to emerging measures in countries like Indonesia, where authorities are reportedly reducing working days or encouraging remote work to cushion economic shocks caused by rising energy costs.
“In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it,” he explained.
“Indonesia also says 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.”
He warned that Nigeria could adopt similar measures, echoing the restrictions seen during the COVID-19 pandemic, if fuel costs continue to surge and economic pressures deepen.
The billionaire industrialist emphasized that the hardest hit would be small and medium-scale enterprises, many of which rely heavily on daily income and self-generated power.
“People who are now doing barbers, people who are doing bread, people who have industries who have to pay their own generator you can see what is happening,” he said.
With fuel prices directly impacting transportation, electricity generation, and production costs, small businesses could face mounting operational challenges, potentially leading to reduced working hours or closures.
Dangote called for urgent global intervention to de-escalate tensions and stabilize oil markets, stressing the broader humanitarian and economic implications for developing nations.
“We just need all hands on deck to pray that this thing comes to an end,” he added.
Analysts say Nigeria, despite being an oil-producing country, remains highly vulnerable to global oil shocks due to its dependence on refined fuel imports and the rising cost of energy.
As the crisis unfolds, stakeholders warn that without swift diplomatic resolutions, ordinary Nigerians especially daily wage earners could once again bear the brunt of a global conflict far beyond their borders.