Aliko Dangote, President of the Dangote Group, has raised a strong alarm that the escalating conflict in the Middle East, particularly involving Iran, could force Nigeria and other African countries to adopt work-from-home policies similar to those used during the COVID-19 pandemic.
Speaking after a closed-door meeting with President Bola Tinubu at his Ikoyi residence in Lagos on Monday, Dangote expressed deep concern over the potential economic fallout from rising global oil prices triggered by the Iran war.
He warned that continued instability in the region could severely disrupt Nigeria’s already fragile economy, which is heavily dependent on oil revenue.
According to Dangote, if crude oil prices keep climbing due to the conflict, many businesses may struggle with high energy and transportation costs.
In such a scenario, companies could be compelled to reduce physical operations and shift staff to remote work to cut down expenses.
He noted that African economies, already burdened by high debt levels, are particularly vulnerable to these external shocks.
The business mogul emphasized that Nigeria must prepare for all possible outcomes. “We cannot afford to be caught off guard,” he said, urging the government to diversify the economy and reduce reliance on imported fuel and other commodities.
This warning comes at a time when petrol prices in Nigeria have already crossed N1,000 per liter in many areas, partly due to the same Middle East tensions.
Many Nigerians are already feeling the pinch, with higher transport fares and rising costs of goods.
Dangote’s comments have sparked fresh discussions about the need for stronger economic buffers and alternative working models in the face of global uncertainties.
While work-from-home helped many businesses survive the pandemic, its long-term feasibility in Nigeria’s context with challenges like unstable power supply and poor internet infrastructure remains a major concern.
As the Iran situation continues to unfold, Nigerians will be watching closely to see how it affects daily life and the broader economy.
The conflict continues to drive oil prices higher, while Iran has now threatened major US tech firms, including Google, Apple, and Meta.