Dangote Advocates Remote Work To Cushion Oil Price Shock

Chairman and Chief Executive Officer of the Dangote Group, Aliko Dangote, has warned that the ongoing crisis in the Middle East could force Nigeria and other African countries to adopt remote work policies as a buffer against rising oil prices and economic instability.

Dangote issued the warning on Monday after a meeting with President Bola Tinubu at his Ikoyi residence in Lagos, expressing concern over the potential ripple effects of global oil market volatility on African economies already grappling with high debt levels and limited fiscal buffers.

According to him, the absence of savings and financial cushioning across many African economies makes the region particularly vulnerable to external shocks.

“If this thing doesn’t de-escalate, you know, normally we in Africa, we don’t have any reserves in terms of savings,” he said. “And so, people normally go out and look for money for the next day or for the same day. Some of them, if they don’t work that day, they won’t eat.”

The industrialist noted that escalating energy costs could force governments to reconsider work structures, drawing parallels with how some countries responded during the COVID-19 pandemic.

“In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it,” Dangote said. “I think Indonesia also says only go to work four days a week. And they will look at the situation. If it doesn’t improve, they will ask everybody not to go to work anymore.”

He warned that similar measures may become inevitable if the situation worsens.

“We will do like that time of COVID, where people will now go and work from home,” he added.

The remarks come amid growing fears that a prolonged Middle East conflict could push global oil prices higher, driving up inflation and increasing the cost of transportation, manufacturing, and essential services across Africa.

Dangote cautioned that the effects would be felt most acutely by everyday Nigerians, particularly those in small-scale and informal businesses who depend heavily on daily earnings and energy-intensive operations.

“It’s not only energy. Some people will try to take a chance and say, ‘Ah, this is an opportunity. So, let me make money,’” he said. “So, if this thing doesn’t de-escalate, it is going to keep going up and up and up, and governments cannot really now go and add salaries also. So, people will really, really feel the pinch.”

He highlighted the vulnerability of small businesses such as barbershops, bakeries, and other enterprises reliant on self-generated electricity.

“People who are now doing barbers, people who are doing bread, people who have industries who have to pay their own generator—you can see what is happening,” he said.