Chairman and CEO of Dangote Group, Aliko Dangote, has offered suggestions on how businesses can cope with recent increases in prices of fuel products brought about by the crisis in the Middle East region.
He spoke on Monday after meeting with President Bola Tinubu at the president’s private Ikoyi residence in Lagos.
He suggested that businesses can adopt strategies used during the covid-19 pandemic when workers worked from home to save cost.
He cited Indonesia’s response to energy crisis pressures, where authorities asked workers to operate only four days a week and are considering full work-from-home arrangements similar to the COVID-19 pandemic.
“In some countries today what they’ve done, they asked everybody to work from home because they cannot afford it.
“I think Indonesians also 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.
“We will do like that time of COVID, where people will work from home,” Dangote stated.
Expressing deep concern about the economic impact of oil price volatility on the continent already burdened by debt, the industrialist stated, “If this thing doesn’t de-escalate, you know, normally we in Africa, we don’t have any reserves in terms of savings.
“And so, people normally go out and look for money for the next day or for even the same day. Some of them, if they don’t work that day, they won’t eat.”
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The billionaire businessman warned that Africa would pay a disproportionate price for a crisis in which the continent has no involvement.
“It’s not only energy. Some people will try and take a chance and say, ‘Ah, this is an opportunity. So, let me make money.’
“So, if this thing doesn’t de-escalate, it is going to keep going up and up and up, and governments cannot really and add to salaries.
“So, people will really, really feel the pinch,” he stated.
Dangote emphasised that the crisis would hit hardest at ordinary Africans operating small businesses, especially barbers, bread sellers, and industries dependent on generators for power.
“People who are barbers, people who make bread, people who have industries, who have to pay for their own generators, you know, I mean, you can see what is happening,” he said.
He called for urgent prayers and international intervention to end the conflict.
“We just need all hands-on deck to pray that this thing comes to an end,” the Dangote Group chairman stated.
The Middle East crisis has triggered concerns about oil price volatility globally, with potential impacts on inflation, transportation costs, and energy-dependent sectors across Africa.
Nigeria, despite being an oil-producing nation, remains vulnerable to global oil price fluctuations due to its dependence on imported refined petroleum products.
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