By Damilare Adeleye
Africa’s richest man, Aliko Dangote, has warned that surging global oil prices, linked to tensions and disruptions around the Strait of Hormuz, could cripple key sectors across the continent, particularly aviation and agriculture.
Speaking on Thursday during an interview with Semafor World Economy in Washington, DC, Dangote said the sharp volatility in crude oil markets is already pushing African airlines to the brink, with fuel costs becoming increasingly unsustainable.
“The majority of African airlines won’t be able to survive” the current surge in fuel prices, he said, pointing to developments in Nigeria where domestic carriers have threatened to halt operations by April 20 if aviation fuel prices are not brought under control.
Highlighting the severity of the volatility, Dangote added, “Between morning and night, you see the oil moving up and down $10. I’ve never seen it like that. Never.”
Beyond aviation, the billionaire industrialist warned that the agricultural sector is also under mounting pressure due to rising input costs, particularly fertiliser. According to him, prices have more than doubled within a short period, posing a serious threat to food production across Africa.
He noted that fertiliser, which sold for about $400 just two months ago, now costs around $850.
“This farming season the governments have to actually give subsidies,” he said, stressing the need for urgent policy intervention to cushion the impact on farmers.
Dangote attributed the turbulence in oil markets to geopolitical uncertainties surrounding the Strait of Hormuz, a critical artery for global crude supply. He suggested that a diplomatic breakthrough, particularly a potential agreement between the United States and Iran, could help stabilise the situation.
However, he cautioned that even in a best-case scenario, normalcy would not return immediately. “Another two, three months before we go back to normal,” he said, citing lingering supply chain disruptions that would continue to affect pricing and availability.
The comments come amid broader debates over energy security and economic self-sufficiency in Africa. Dangote’s remarks also coincided with reports that the World Bank quietly withdrew an April policy update that had advised Nigeria to reopen petrol imports.
The recommendation had sparked strong opposition from Dangote, whose 650,000-barrel-per-day refinery has emerged as the country’s dominant fuel supplier following the halt in import licence issuance earlier this year.
Reinforcing his long-held position on economic independence, Dangote urged African governments and private sector leaders to prioritise domestic investment and capacity building.
“If we don’t commit our own funds to develop our continent, nobody will do that for us,” he said.