President of the Dangote Group, Aliko Dangote, has warned that surging global oil prices, driven by tensions in the Middle East, are alrea...
President of the Dangote Group, Aliko Dangote, has warned that surging global oil prices, driven by tensions in the Middle East, are already pushing some countries to adopt remote work policies in a bid to reduce energy consumption.
Dangote made the remarks on Monday while speaking to journalists after a courtesy visit to President Bola Tinubu following the Eid al-Fitr celebrations.
According to the industrialist, the prolonged conflict in the Middle East could sustain upward pressure on energy costs, worsening economic conditions globally, particularly as governments struggle to adjust wages in line with rising living expenses.
He noted that the impact is already being felt across various sectors, especially among small-scale business operators who rely heavily on fuel-powered generators.
“People will really feel the heat,” Dangote said, citing examples such as barbers, bakers, and manufacturers facing rising operational costs.
He revealed that some countries have begun implementing measures to curb energy use, including directing workers to stay home.
“In some countries, they’ve asked people to work from home because of the situation,” he said. “In places like Indonesia, workers have been advised to go to work only four days a week, with the possibility of stricter measures if conditions do not improve.”
Dangote compared the development to the COVID-19 era, when remote work became widespread as governments attempted to manage economic disruptions.
Speaking on Nigeria’s position, he stressed that although the country is not directly involved in the Middle East conflict, it cannot escape the economic consequences due to global interdependence.
“If the situation does not de-escalate, we will all pay a heavy price,” he warned.
Dangote also highlighted Africa’s vulnerability, pointing out that many countries on the continent are already grappling with high debt levels and limited financial buffers, which could worsen the impact of rising energy costs.
He further cautioned that beyond energy prices, opportunistic practices in the market could lead to additional inflationary pressures.
“Energy affects almost everything, and some people may take advantage of the situation to increase prices,” he said.
Calling for urgent global de-escalation, Dangote stressed that the economic realities in Africa make the situation particularly dire, as many citizens depend on daily income for survival.
“If people don’t work for a day, they may not eat,” he added, urging collective efforts to ensure the crisis is resolved.
Meanwhile, on March 20, the International Energy Agency (IEA) advised that reducing road and air travel, encouraging remote work, driving at lower speeds, and adopting alternatives such as electric cooking could help cushion the economic impact of the ongoing conflict.
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