Aliko Dangote, Africa’s richest man, has warned that the ongoing conflict involving Iran, the United States, and Israel could have far-reaching global consequences if it continues to escalate.
Dangote made this known on Monday after a meeting with President Bola Ahmed Tinubu at his residence in Lagos, stressing that a prolonged war in the Gulf region would significantly impact global energy prices.
“If the situation does not de-escalate, we will end up paying a heavy price,” he said, noting that energy costs affect every sector of the economy.
He explained that rising fuel prices would have widespread effects, from small businesses to large industries. “Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact if costs continue to rise,” he added.
The warning comes as crude oil prices have surged above $100 per barrel since the conflict began on February 28, triggering increases in petrol prices globally.
Although prices briefly eased following claims of potential peace talks by Donald Trump, the market remained volatile after Iranian authorities dismissed the claims.
In Nigeria, petrol prices have climbed sharply, with consumers now paying around N1,367 per liter, compared to N875 per liter before the conflict began, reflecting the pressure of rising global oil prices.
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