Africa’s richest man, Aliko Dangote, has cautioned that the ongoing conflict in the Middle East involving Iran, the United States, and Israel could have far-reaching economic consequences if it escalates further.
He spoke on Monday after a meeting with Nigeria’s President Bola Ahmed Tinubu at his Lagos residence.
Dangote, whose 650,000-barrel-per-day refinery recently increased petrol prices to N1,245 per liter—a fivefold rise in March alone—warned that a prolonged war in the Gulf region would push costs higher for Nigerians across all sectors.
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“If the situation does not de-escalate, we will end up paying a heavy price,” Dangote said. “Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact if costs continue to rise.”
Since the conflict began on February 28, 2026, global crude oil prices have surged above $100 per barrel. Prices briefly eased on Monday after reports of peace talks reportedly led by former US President Donald Trump. However, Iranian authorities later denied any agreement, sending oil prices climbing once again.
The spike in global crude prices has translated into higher domestic fuel costs. Nigerians now pay an average of N1,367 per liter of petrol as of Monday, up from N875 per liter before the conflict began, placing increased strain on households and businesses nationwide.
Dangote’s warning highlights the vulnerability of Nigeria’s economy to global energy shocks, emphasizing the urgent need for stability in the Middle East to prevent further economic fallout.