Africa’s richest man, Aliko Dangote, has raised alarm over escalating global tensions, warning that Africa could face severe economic consequences despite having little direct involvement in the crisis.
Dangote spoke on Monday in Lagos after meeting President Bola Tinubu, where he stressed the urgent need for de-escalation to prevent further strain on vulnerable economies.
He noted that the global nature of today’s economy means that no region is insulated from external shocks, warning that continued escalation could trigger rising costs across key sectors, particularly energy, which impacts virtually all aspects of daily life and production.
According to him, higher energy prices would translate into increased costs for businesses and consumers alike from small-scale operators such as barbers and bakers to major industries dependent on self-generated power.
He added that the situation could be worsened by opportunistic practices, as some actors may exploit the crisis to inflate prices.
Dangote warned that governments may lack the capacity to cushion citizens through wage increases, leaving many to grapple with rising living costs.
He emphasized that a large number of Africans depend on daily income for survival, making them especially vulnerable to prolonged economic instability.
He further cautioned that if tensions persist, countries may be forced to adopt drastic measures such as reduced workdays or remote working arrangements, similar to what was experienced during the COVID-19 pandemic.
While highlighting the risks, Dangote also acknowledged ongoing efforts by President Tinubu to strengthen Nigeria’s economic outlook through international engagement.
He pointed to recent agreements aimed at improving infrastructure, including ports, describing them as a sign of growing global confidence in Nigeria.
He said such developments could open doors for more foreign investments and provide Nigerian investors with access to international credit facilities to fund key projects.
Despite these positives, Dangote maintained that unchecked global tensions particularly in the oil and energy sectors pose a significant threat, warning that failure to de-escalate could deepen hardship across Africa, with the poorest populations bearing the greatest burden.
(Editor: Anoyoyo Ogiagboviogie)
