Aliko Dangote, Chairman of the Dangote Group, has warned that escalating Middle East tensions could force Nigeria and other African nations to reinstate pandemic-era work-from-home policies if global oil prices continue to rise. Dangote conveyed this concern following a meeting with President Bola Tinubu at the presidential residence in Lagos on Monday.
He linked the potential policy shift directly to Africa’s economic fragility, noting the continent’s limited fiscal buffers and high debt burdens. “If this thing doesn’t de-escalate… people normally go out and look for money for the next day. Some of them, if they don’t work that day, they won’t eat,” Dangote stated, highlighting the vulnerability of daily wage earners and small businesses.
As an example of measures taken under energy pressure, Dangote cited Indonesia, where authorities have implemented a four-day work week and are considering full remote work. He suggested similar “work from home” directives, reminiscent of COVID-19 lockdowns, could become necessary in Africa if fuel costs become unsustainable for businesses and households.
The industrialist emphasized that the crisis would disproportionately impact the informal sector and small-scale entrepreneurs reliant on fuel, such as barbers, bakers, and operators of small industries using private generators. He cautioned that rising costs could outpace government ability to increase wages, leading to severe hardship. Dangote called for global resolution of the conflict and collective prayer to avert the worst outcomes.
The warning contrasts with recent positive economic diplomacy. Dangote praised President Tinubu’s recent UK visit, which secured a £746 million infrastructure deal. He framed the agreement not merely as financial but as a critical signal of international confidence in Nigeria. “It’s about the confidence in Nigeria,” he said, predicting the deal would encourage further investment from countries like Germany.
Dangote also noted a practical outcome of the UK trip: Nigerian private investors can now access financing from the UK Export Finance agency, a resource he described as previously underutilized. This new access, he said, provides a direct channel for Nigerian businesses to secure international support for projects.
The statements present a dual narrative: a stark warning about Africa’s exposure to external energy shocks and a simultaneous endorsement of government efforts to attract foreign investment as a stabilising force. Dangote’s comments underscore the precarious balance between immediate cost-of-living pressures for the majority and long-term strategies for economic resilience.
