Dangote: Fuel price hike beyond my control

The President of Dangote Group, 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 Middle East war 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 homage 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 involved,” he said.

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

“If the situation does not de-escalate, we will end up paying a heavy price, especially given existing economic challenges,” Dangote said.

Dangote stated that governments could face mounting fiscal strain as subsidies rise and revenues fluctuate under unstable global oil market conditions.

The billionaire businessman added that Africa’s rising debt burden could worsen under prolonged instability, further limiting fiscal space and weakening economic resilience.

“Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people,” he said.

Oil prices slip after Trump halts Iran energy strikes

He said escalating energy costs would disrupt nearly every sector, including small enterprises, manufacturing chains, logistics operations and household consumption patterns.

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

Dangote noted that some countries have started adopting coping strategies such as reduced workdays, energy rationing, and remote working arrangements.

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

Dangote urged global leaders to prioritise 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 earnings. If they don’t work, they don’t eat. So we must pray this situation comes down quickly,” he said.

The Star