President of the Dangote Group, Aliko Dangote, has warned that rising tensions in the Middle East could push Nigeria and other African countries to adopt work-from-home arrangements, similar to those seen during the COVID-19 pandemic, if the crisis worsens.
Dangote spoke on Monday after meeting with President Bola Tinubu at his Ikoyi, Lagos residence. He highlighted worries about how fluctuating global oil prices could hurt African economies already struggling with heavy debt.
He said, “If this thing doesn’t de-escalate, you know, normally we in Africa, we don’t have any reserves in terms of savings.
“And so, people normally go out and look for money for the next day or for even the same day. Some of them, if they don’t work that day, they won’t eat.”
Referring to how other countries are handling energy pressures, Dangote mentioned Indonesia, where workers now operate on a four-day week, with the government considering full remote work if the situation continues, similar to COVID-19 measures.
“In some countries today, what they’ve done, they asked everybody to work from home because they cannot afford it.
“I think Indonesians also only go to work four days a week. And they will look at the situation if it doesn’t improve, they will ask everybody not to go to work anymore.
“We will do like that time of COVID, where people will work from home,” he added.
Dangote warned that Africa could face a heavier burden from a crisis it cannot control, especially as rising costs may outpace governments’ ability to increase wages.
“It’s not only energy. Some people will try and take a chance and say, ‘Ah, this is an opportunity. So, let me make money.’
“So, if this thing doesn’t de-escalate, it is going to keep going up and up and up, and governments cannot really add to salaries.
“So, people will really, really feel the pinch,” he said.
He noted that the hardest hit will be everyday workers and small business owners who rely on fuel-powered operations, like barbers, bakers, and small industries.
“People who are barbers, people who make bread, people who have industries, who have to pay for their own generators, you know, I mean, you can see what is happening,” Dangote said.
He called for collective prayers and immediate global action to resolve the conflict.
“We just need all hands-on deck to pray that this thing comes to an end,” he said.
On President Tinubu’s recent official trip to the United Kingdom, Dangote expressed optimism that the visit would boost investment in Nigeria.
He highlighted the £746 million infrastructure deal secured during the trip, emphasizing that its importance goes beyond the financial value.
“It has not been easy dealing with the British, getting this kind of money out of them. They too, they are struggling on their own. But I think this is to show confidence — it’s not about the money. It’s about the confidence in Nigeria,” Dangote said.
He said the deal could encourage other international partnerships.
“The moment that they do that, there will be other countries that will follow suit. Germany will come, others will line up and start coming up,” he added.
Dangote also revealed that Nigerian investors can now access funds from the UK Export Finance agency, which he said has been underutilised.
“For Nigerian investors, it has shown that we can also go to the same agency and tap the resources. It means that the agency now is open for business for Nigerians, and we will go as private people to look for them to give us support,” he explained.
