By Sadiq Abdulfatah

As a result of the ongoing conflict between Iran and the United States, Aliko Dangote, the president of Dangote Industries Limited (DIL), has warned that the tension may lead to disruption of the global economy, which may eventually force countries, including Nigeria, to consider a work-from-home policy as it was during the COVID-19 pandemic.

This was contained in a press session after Dangote’s visit to Bola Ahmed Tinubu on Monday, following the president’s two-day state visit to the United Kingdom.

Drawing reference to the visit, Dangote stated, “So I believe his own visit will open quite a lot of doors. And you can see the agreement that was signed for actually improving our infrastructure, especially in the ports and other areas, which is almost 746 million pounds. That’s quite a lot.” Adding that securing such funds portrays growing international confidence in Nigeria’s economy. “It is not that easy dealing with British getting this kind of money out of them. They too are struggling on their own. But I think this is to show confidence and it is not about the money; it’s about the confidence in Nigeria. So the moment that they do that, there will be other countries that will follow,” he said.

He explained further that the development will serve as new opportunities for Nigerian investors to access international funding. “For Nigerian investors, you know, it has shown that we can also go to the same agency and tap the resources. It means that the agency now is open for business for Nigerians.”

Considering the global situation, Dangote warns that rising tensions in the Middle East could worsen economic conditions, particularly for African countries, stating that “it means quite a lot. We don’t have much to do with it; the world is a global village, and it definitely will affect us, unfortunately.”

He expressed concern about the impact on energy prices and the ripple effects across sectors. “If you look at it now, you know, when you talk about energy, energy affects almost everything… if this thing doesn’t de-escalate, it is going to keep going up and up and up.”

Dangote also highlighted the potential strain on governments and citizens, especially in economies with limited buffers. “Africa is very busy paying debt. And putting this again on top of us is going to add a lot of hardship on people, on the government, on the people, on everybody.”

“I mean, if it doesn’t improve, they will ask everybody not to go to work anymore. We’ll do like that time of COVID where people will now go and work from home.” He said, suggesting that prolonged instability could force changes in work patterns.

He added by calling for de-escalation, stressing the vulnerability of many Africans to economic shocks. “If they don’t work that day, they won’t eat. So I think really we just need all hands on deck to pray that this thing comes to an end.”

Source: Tribune