Aliko Dangote: Ongoing Iran War May Push Africans to Work from Home as Fuel Prices Soar

Chairman and CEO of the Dangote Group, Aliko Dangote, has warned that the escalating crisis in the Middle East could force Nigeria and other African countries to revert to COVID-19-style work-from-home policies if the conflict does not de-escalate soon.

Speaking on Monday after a private meeting with President Bola Tinubu at his Ikoyi residence in Lagos, Dangote expressed deep concern over the economic ripple effects of rising oil prices and fuel shortages on a continent already struggling with heavy debt burdens and limited fiscal buffers.

“If this thing doesn’t de-escalate, you know, normally we in Africa, we don’t have any reserves in terms of savings,” Dangote said. “… 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.”

He drew a direct parallel with measures taken by countries like Indonesia, where authorities have already asked workers to operate only four days a week and are considering full work-from-home arrangements similar to the pandemic period if energy costs continue to spiral.

“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,” Dangote explained. “We will do like that time of COVID, where people will work from home.”

The billionaire industrialist emphasised that Africa would bear a disproportionate burden from a conflict in which the continent has no direct involvement. He warned that sustained high oil prices would exacerbate inflation, transportation costs, and the cost of doing business, particularly for small-scale entrepreneurs and informal sector workers who rely on daily earnings.

“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,” he said. “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.”

Dangote called for urgent prayers and international diplomatic intervention to bring the conflict to an end, stressing that ordinary Africans would suffer the most from prolonged instability.

The warning comes as global oil prices have surged due to disruptions caused by the Iran conflict, including attacks on energy infrastructure and threats to key shipping routes like the Strait of Hormuz. Nigeria, despite being a major oil producer, remains heavily dependent on imported refined petroleum products, making it particularly vulnerable to external shocks.

During the same meeting, Dangote commended President Tinubu’s recent state visit to the United Kingdom, describing the £746 million infrastructure financing agreement signed during the trip as a strong vote of confidence in Nigeria. He predicted that the deal would encourage other countries, including Germany, to follow suit and open new avenues for Nigerian investors through the UK Export Finance agency.

The Dangote Refinery, Africa’s largest, has seen increased demand from several African countries seeking alternatives to disrupted Middle East supplies. However, the industrialist noted that the refinery itself has faced challenges securing sufficient crude feedstock, forcing continued imports at higher global prices.

Dangote’s comments highlight the interconnected nature of global energy markets and the disproportionate impact of geopolitical conflicts on developing economies. As fuel prices continue to rise domestically – with petrol recently hitting N1,332 per litre following multiple hikes by the Dangote Refinery – ordinary Nigerians are already feeling the strain through higher transportation and commodity costs.