“The oil market is global,” Dangote explained. “Even if Nigeria is not part of the crisis, we will still feel the impact through higher prices and economic pressure.”
His warning comes at a time when crude oil prices are already rising due to disruptions in supply chains linked to tensions in the Middle East.
Experts say that when oil prices increase globally, countries like Nigeria often experience a ripple effect that affects fuel prices, transportation, and the cost of goods and services.
For ordinary Nigerians, this could mean higher transport fares, increased food prices, and rising living costs in the coming weeks.
Dangote stressed that such developments could deepen existing economic challenges, especially for small businesses and low-income households.
A trader in Lagos said the situation is already becoming difficult.
“When fuel prices go up, everything becomes more expensive. It affects how we buy and sell,” she said.
Economists also warn that prolonged instability in the Middle East could keep oil prices high for a longer period, making it harder for governments to stabilise their economies.
While higher oil prices may increase Nigeria’s revenue as an oil-producing country, experts say the benefits may not immediately reach ordinary citizens.
Many industry stakeholders are now calling for policies that can help cushion the impact, including support for businesses and measures to stabilise fuel prices.
They also emphasise the need to strengthen local refining capacity to reduce reliance on imported petroleum products.
Analysts believe that improving domestic energy production could help Nigeria better manage global shocks in the future.
For now, many Nigerians are watching closely, hoping that the government will take steps to reduce the impact of rising oil prices on everyday life.
As global tensions continue to influence energy markets, the conversation around economic resilience and local solutions is becoming more urgent.