Dangote Warns of Looming Global Oil Crisis, Hails Tinubu’s UK Visit as Game-Changer for Nigeria

Aliko Dangote, Chairman of the Dangote Group, has sounded the alarm over potential global oil shocks that could exacerbate economic hardship across Africa, while praising President Bola Ahmed Tinubu for unlocking critical investment opportunities during his recent state visit to the United Kingdom.

Dangote made the comments following a courtesy visit to President Tinubu at his Lagos residence, explaining that the meeting was primarily to exchange Eid greetings, check on the President’s health, and pay respects.

“I just came to see His Excellency, Mr President, wish him Eid Mubarak, and also ask after his health. I haven’t seen him for a while, and wish him all the very best,” Dangote said.

He described Tinubu’s UK visit as a major diplomatic and investment breakthrough, stressing that modern diplomacy must focus on economic outcomes.

“I think it has opened ways. Today, diplomacy without the economic part of it is not complete. I believe his visit will open quite a lot of doors,” he said.

Dangote highlighted the £746 million UK-backed agreement targeting Nigeria’s infrastructure, especially the ports sector, as a strong signal of international confidence in the country.

“You can see the agreement signed for improving our infrastructure, especially in the ports and other areas, which is almost £746 million. It’s not easy dealing with the British and securing this kind of funding. But it shows confidence in Nigeria,” he stated, adding that the deal is likely to attract further foreign investment from countries such as Germany and others.

He encouraged Nigerian investors to leverage this momentum, particularly by tapping international credit facilities that have remained largely underutilized.

“For Nigerian investors, this shows we can also access these agencies for support. The agency is now open for business for Nigerians, and we should look to tap into it,” he said.

On the global energy outlook, Dangote warned that escalating tensions in the Middle East could drive oil prices higher, intensifying economic pressure, especially in Africa.

“If this crisis doesn’t de-escalate, we’ll end up paying big prices. Africa is already paying debts, and adding more shocks will increase hardship for governments and people alike,” he said.

He also highlighted the cascading effects of rising energy costs on daily life, particularly for small businesses and households that rely on fuel-powered generators.

“People like barbers, bread makers, and small industries who rely on generators will feel the heat if energy prices keep rising,” Dangote warned.

He pointed to global responses to energy pressures, such as reduced work schedules in some countries, drawing parallels to measures taken during the COVID-19 pandemic.

“Some countries are asking people to work from home or reduce workdays to cope. We did something similar during COVID-19,” he explained.

Despite the looming risks, Dangote expressed hope that the Middle East tensions would ease, urging collective prayers and international cooperation to prevent further escalation.

“We need to pray that this situation de-escalates. In Africa, many people depend on daily earnings, and if they don’t work, they won’t eat. All hands must be on deck to bring this to an end,” he concluded.