Fuel price increase out of my control…

Dangote Group President Aliko Dangote says Nigeria has no direct role in the Middle East conflict but will still feel its impact due to deep global economic interdependence.

Dangote also warned that the war in the Middle East driving global oil volatility could have far-reaching consequences for Nigeria and African economies.

The business mogul said this after a courtesy visit and Eid-el-Fitr tribute to President Bola Tinubu in Lagos on Monday, March 23, 2026.

“We are part of a global village and unfortunately developments like this will affect us even if we are not directly affected,” he said.

He warned that prolonged tensions could trigger higher fuel prices, increased transportation costs, inflationary pressures and widespread hardship across African economies.

“If the situation does not ease, we will end up paying a high price, especially given the existing economic challenges,” Dangote said.

Dangote said governments could face growing fiscal pressure as subsidies increase and revenues fluctuate amid volatile global oil markets.

The billionaire businessman added that Africa’s growing debt burden could worsen in the event of prolonged instability, further limiting fiscal space and weakening economic resilience.

“Africa is already struggling with debt, and further shocks will only deepen the difficulties for governments and people,” he said.

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According to him, rising energy costs would disrupt almost all sectors, including small businesses, production chains, logistics operations and household consumption patterns.

“Energy affects everything. From small businesses like barbershops to industries that use generators, everyone will feel the impact if costs continue to rise,” Dangote stressed.

Dangote noted that some countries have started to adopt response strategies such as shortening the working day, energy rationing and remote working.

It said such measures, while necessary, could reduce productivity, slow economic output and impact livelihoods, particularly among vulnerable populations.

Dangote urged global leaders to prioritize 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 income. If they don’t work, they don’t eat. So we must pray that this situation will be resolved quickly,” he said.

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