Aliko Dangote, president of Dangote Group, has expressed alarm about the increasing volatility of the world oil market and warned that if the Middle East conflict is not immediately resolved, it could exacerbate economic misery throughout Africa.

Speaking about the crisis’ ramifications, Dangote stated that even though Nigeria is not directly affected, changes in the price of oil will unavoidably have an impact.

It has a lot of significance. I am aware that the globe is a global community, even though we have little to do with it. And it will undoubtedly impact us, regrettably, but we hope that issue can be resolved,” he stated following his Monday visit to President Bola Tinubu in Lagos.

Dangote cautioned that a protracted crisis might further destabilize economies, especially in Africa, where debt pressures are still high and fiscal buffers are scarce.

“As I mentioned to CNN before, we will have to pay high costs if it doesn’t defuse. Africa is already very busy paying off debt, so adding this to the mix will cause a great deal of misery for everyone—the government, the people, and everyone else—for something in which we have no responsibility.

He emphasized that since energy costs are essential to almost every aspect of the economy, continued rises would have far-reaching and domino impacts on productivity and lifestyles.