If Middle East war is not resolved, we’ll end up paying big prices – Dangote

Aliko Dangote has warned that rising global oil prices driven by the Middle East conflict are already forcing some countries to adopt drastic measures, including remote work policies.

Speaking after a visit to Bola Ahmed Tinubu following the Eid al-Fitr celebrations, Dangote said the economic pressure is becoming severe. He said: “So people will really feel the heat. People like barbers, people who are making bread… people who have to fire their own generators.”

According to him, some governments have already begun limiting workplace activity due to rising energy costs. Dangote noted: “In some countries today… they’ve asked everybody to work from home because they cannot…”

Citing an example, he added: “I think in Indonesia… they said only go to work four days a week… if it doesn’t improve, they will ask everybody not to go to work anymore.” He compared the situation to the COVID-19 era, when remote work became widespread.

Dangote warned that if the conflict continues, the global economic impact will intensify, even for countries not directly involved. He said: “If it doesn’t de-escalate, we’ll end up paying big prices.”

Highlighting Africa’s vulnerability, he explained that many economies lack financial buffers to absorb shocks. He said: “Normally we in Africa, we don’t have any reserves… People normally go out and look for money for the next day… If they don’t work that day, they won’t eat.”

He also cautioned that rising energy costs could create opportunities for exploitation, adding: “Some people will try and take a chance and say this is an opportunity so let me make money.” Dangote called for calm and urged for a resolution to the conflict, stressing: “We just need all hands on deck to pray that this thing comes to an end.”

Meanwhile, the International Energy Agency has advised measures such as working from home, reducing transport use, and improving energy efficiency as ways to cushion the impact of rising energy costs globally.