Africa’s richest man, Aliko Dangote, has warned that rising tensions between Iran and the United States are already causing economic hardship and could force countries to adopt measures similar to those seen during the COVID-19 pandemic.
Speaking on the impact of the escalating situation in the Middle East after meeting with Ahmed Tinubu, Nigeria’s President on Monday, March 23, 2026, Mr Dangote said that although Africa is not directly involved in the conflict, its effects are being felt across the continent.
“We don’t have much to do with it, but the world is a global village, and it will definitely affect us. We pray this situation will be sorted out and not escalate. If it doesn’t de-escalate, we will end up paying high prices,” he said.
Dangote noted that African economies, already burdened by high debt levels, would struggle to absorb further shocks triggered by rising global tensions.
“If you look at it today, 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 governments, on everybody—for something we have no real involvement in,” he said.
He pointed to energy costs as a major concern, warning that any disruption could drive prices higher and worsen living conditions.
“Energy affects almost everything. Some people will take advantage and say, ‘this is an opportunity, let me make money.’ If this doesn’t de-escalate, prices will keep going up and governments cannot just increase salaries. People will really feel the pinch,” he added.
Dangote highlighted the potential impact on small businesses and informal workers, noting that many rely on daily income to survive.
“People who are barbers, those baking bread, industries that depend on generators—if costs go up, they will suffer. Many people in Africa earn day-to-day. If they don’t work, they don’t eat,” he said.
He further warned that prolonged instability could push governments to introduce measures such as reduced working days or remote work policies, similar to those implemented during the COVID-19 pandemic.
“In some countries, people are already being asked to work from home or reduce working days. If the situation doesn’t improve, we could go back to the COVID era where people stay home and work remotely,” he said.
Dangote called for urgent global efforts to ease tensions, stressing that Africa lacks the financial buffers to withstand prolonged economic shocks.
“We just need all hands on deck to pray that this situation comes to an end,” he said.
