Africa richest man Aliko Dangote don warn Nigerians say di tension between Iran and United States fit cause serious wahala for Nigeria economy. For one recent interview, Dangote talk say if di conflict no de-escalate, Nigeria fit face serious hardship wey go make fuel price rise pass, and even make people return to COVID-style work-from-home arrangement.
Dangote explain say di global nature of di conflict mean say countries like Nigeria wey no get direct involvement go still suffer di consequences. According to am, rising instability for oil market don already dey push energy costs up, and dis one fit trigger ripple effect across all sectors of di economy. “When you talk about energy, it affects almost everything,” Dangote yarn, noting say increases for fuel prices often lead to higher transportation costs, food prices, and general living expenses.
Dis warning come at di same time Nollywood actor Wale Akorede, popularly known as Okunnu, don raise concerns about di rising cost of petrol for Nigeria. For video wey im share on Instagram, Okunnu talk say petrol prices jump sharply for just one day, move from ₦1,240 per litre on March 21 to ₦1,340 per litre di next day. Di actor question why fuel remain expensive for country wey produce im own crude oil.
Okunnu talk say: “Today is di 22nd of March, 2026. As of yesterday, wey be di 21st, petrol was ₦1,240 per litre. Today, wey be Sunday, petrol don become ₦1,340 per litre. Is it di government wey increase am or we Nigerians? We get our own crude oil, so why fuel dey expensive? Other countries get fuel too, but their own no dey expensive like dis. Na we dey responsible for dis hardship.”
Di actor also raise concerns about di impact on ordinary citizens, especially low-income earners and workers like bikemen, wey dey face challenges to afford basic needs as costs continue to rise. Okunnu ask: “What of those wey no fit afford basic needs? Bikemen? Wetin go be their current situation because things go become expensive now, plus their low income?”
Dangote warn say if di Iran-US conflict persist, opportunistic pricing and supply disruptions fit push costs even higher, placing additional strain on both businesses and households. Di billionaire industrialist paint concerning picture of wetin fit follow: reduced working days, business slowdowns, and possible shift back to remote work. Drawing comparisons with di COVID-19 period, im note say some countries don already dey consider limiting workdays or encourage people to stay home to manage economic pressure.
“If e no de-escalate, we fit end up like during COVID, where people go get to work from home,” Dangote talk, adding say such measures go hit daily income earners di hardest. For Nigeria, where many depend on daily earnings to survive, di impact fit be particularly severe.
Dangote also highlight how small businesses go struggle with rising operational costs, especially because of reliance on generators wey dey powered by expensive fuel. Im warn say governments fit struggle to cushion di impact, especially as many African nations don already dey grapple with debt burdens.
Beyond di conflict, Dangote touch on di recent visit of Bola Ahmed Tinubu to United Kingdom, describing am as positive step for economic diplomacy. Im note say agreements worth about £746 million for infrastructure investment signal growing international confidence for Nigeria and fit open doors for more foreign funding and partnerships.
However, Dangote emphasise say global peace remain critical, warning say without de-escalation for Iran-US tensions, economic gains fit be overshadowed by widespread hardship. Di billionaire talk say rising instability for oil market don already dey translate to higher petroleum costs locally, worsening inflation and di cost of basic commodities.
Okunnu remarks come at time when Dangote Petroleum Refinery don repeatedly increase petrol prices dis month. Di refinery don raise im gantry price five times for March 2026, with di ex-depot price of Premium Motor Spirit reach ₦1,275 per litre.
Di situation dey reflect global trends where volatility for global crude oil prices don translate to higher petroleum costs locally. Experts dey monitor di situation closely as di Iran-US conflict continue to create uncertainty for international oil markets.
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