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Dangote Warns of Dire Consequences for Nigeria If Iran War Continues
Nigeria’s foremost industrialist, Alhaji Aliko Dangote, has warned that Middle-East tensions driving global oil volatility could have far-reaching consequences for Nigeria and African economies.
Dangote spoke on Monday in Lagos after a courtesy visit and Eid-el-Fitr homage to President Bola Tinubu.
He said the visit was to extend Sallah greetings, reconnect with the president after some time, and reaffirm respect and continued support for the administration’s policies.
Dangote noted Nigeria had no direct role in the crisis but would still feel the impact because of deep global economic interdependence.
“We are part of a global village, and unfortunately, developments like this will affect us even if we are not directly involved,” he said.
He warned that prolonged tensions could trigger higher fuel prices, rising transport costs, inflationary pressures, and widespread hardship across African economies.
“If the situation does not de-escalate, we will end up paying a heavy price, especially given existing economic challenges,” Dangote said.
He explained that governments could face mounting fiscal strain as subsidies rise and revenues fluctuate under unstable global oil market conditions.
Dangote added that Africa’s rising debt burden could worsen under prolonged instability, further limiting fiscal space and weakening economic resilience.
“Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people,” he said.
He said escalating energy costs would disrupt nearly every sector, including small enterprises, manufacturing chains, logistics operations and household consumption patterns.
“Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact if costs continue to rise,” he said.
Dangote noted that some countries are already adopting coping strategies such as reduced workdays, energy rationing and remote working arrangements.
He said such measures, while necessary, could reduce productivity, slow economic output and affect livelihoods, particularly among vulnerable populations.
Dangote urged global leaders to prioritise de-escalation, stressing that many Africans rely on daily earnings and remain highly exposed to economic shocks.
“In Africa, in Nigeria, many people depend on daily earnings. If they don’t work, they don’t eat. So we must pray this situation comes down quickly,” he said.
On Tinubu’s recent visit to the United Kingdom, Dangote said the trip had opened new economic opportunities and strengthened Nigeria’s investment outlook.
“I believe the visit has opened many doors. Diplomacy without economic outcomes is incomplete, and this has created opportunities for Nigeria,” he said.
He said agreements reached during the visit, especially in infrastructure and financing, signaled growing international confidence in Nigeria’s reform agenda.
“It is not just about the money committed, but the confidence it shows in Nigeria and the reforms being implemented,” he said.
Dangote said planned investments in critical sectors such as ports would significantly improve trade efficiency and support medium-term economic expansion.
“These investments will help improve our infrastructure, especially in key areas like ports, and complement ongoing government efforts,” Dangote said.
He expressed optimism that other countries, including Germany, would follow with investments as confidence in Nigeria’s economy strengthens.
“Once confidence is established, other countries will come in. It is a signal that Nigeria is ready for business,” he said.
Dangote said the agreements would enable Nigerian private sector players to access international financing and technical support for large-scale projects.
“For Nigerian investors, this shows we can approach these agencies to access funding. It means they are now open to supporting our projects,” Dangote said.
He described the development as a breakthrough, noting that such credit facilities had historically remained underutilised by Nigerian businesses.
“We have not really utilised these resources before, but now there is clear capacity and willingness to fund viable Nigerian projects,” he said.
Dangote reaffirmed his support for the administration, expressing confidence that reforms, partnerships and investor confidence would drive sustainable economic growth in Nigeria.
NAN
FIFA on Thursday unveiled its list of match officials for the June 11-July 19 World Cup, including 52 referees, six of whom are women.
Football’s governing body will also take 88 assistant referees and 30 video match officials, who hail from all six confederations and 50 member associations.
“The selected match officials are the very best in the world,” said Pierluigi Collina, FIFA’s chief refereeing officer.
“They were part of a wider pool of officials that was identified and monitored over the past three years. They have attended seminars and officiated at FIFA tournaments.
There are 41 more match officials than at Qatar four years ago, where 32 teams played 64 matches.
“The fact that six women match officials have been selected continues a trend that was started four years ago in Qatar as we aim to further develop women’s refereeing,” Collina said, with six women having already refereed in 2022.
AFP
Iran, on Wednesday, shut the Strait of Hormuz following fresh Israeli strikes on Hezbollah targets in Lebanon, raising fears that a fragile ceasefire with the United States could collapse less than a day after it was reached.
The closure comes amid renewed hostilities that have cast doubt over efforts to halt more than a month of fighting. While both Iran and the United States had earlier declared victory after brokering the truce, fresh missile and drone attacks were reported across Iran and parts of the Gulf, alongside intensified Israeli bombardments in Lebanon.
In Beirut, Israeli strikes hit residential and commercial areas without prior warning, leaving at least multiple people dead and many others injured in what has been described as one of the deadliest days of the conflict.
Iranian state media confirmed the closure, with IRNA reporting that the move was taken “in the wake of Israel’s attacks on Lebanon.” The development has heightened concerns over the stability of the ceasefire agreement mediated by the United States.
Authorities in Iran also imposed strict controls on maritime movement in the strategic waterway. Ships near the strait were instructed to seek permission from Sepah, a special operations unit under the Iranian Revolutionary Guard Corps, before passage. A radio message cited by The Wall Street Journal warned that any vessel attempting to cross without approval “will be destroyed.”
Earlier in the day, Iran had indicated a willingness to reopen the strait during the proposed two-week ceasefire, noting this would be done with “coordination with Iran’s Armed Forces and with due consideration of technical limitations.” U.S. officials, meanwhile, said American forces could assist in managing ship traffic, although details remain unclear.
U.S. President Donald Trump also told ABC News he was open to a “joint venture” arrangement with Iran that would involve charging tolls for vessels passing through the strait.
However, reports of ceasefire breaches soon emerged. Pakistani Prime Minister Shehbaz Sharif, who played a role in negotiating the agreement, said on X that violations had already been recorded, further deepening uncertainty over whether the truce will hold.
The Presidency has come up with reasons behind President Bola Tinubu’s absent at the commissioning of Governor Babajide Sanwo-Olu’s projects in Lagos, on Wednesday.
Tinubu was noticeably absent at the scheduled project commissioning in Lagos, sparking public curiosity.
However, Sunday Dare, his Special Adviser on Public Communications and Orientation, has clarified the reason behind the last-minute development.
Speaking during an interview on Channels Television, Dare revealed that the President had to prioritise urgent national security matters over the event.
According to him, although Tinubu is currently in Lagos, he has been deeply engaged in high-level State duties, particularly ongoing security briefings tied to recent developments across the country.
“The president has been busy taking constant briefs and has to prioritise when it comes to state matters, especially security,” Dare stated.
He referenced rising security concerns, including recent unrest linked to incidents in Jos, noting that the President has been closely monitoring the situation and working directly with intelligence agencies.
Dare emphasised that Tinubu remains fully engaged behind the scenes, actively coordinating with security operatives and receiving continuous updates to address emerging threats.
The absence, he stressed, should not be seen as neglect of official duties but rather a reflection of the President’s focus on safeguarding national stability at a critical time.
Tinubu skipped the Lagos commissioning not out of disregard, but to handle pressing security issues demanding immediate presidential attention.
