By Hotgist9ja News Desk | Business | Breaking News
Africa's richest man visits the President of Nigeria Bola Ahmed Tinubu to wish him Eid Mubarak and then proceeds to give one of the most comprehensive and sobering assessments of Nigeria's economic situation in months .
That is real gist that happened on Monday when Alhaji Aliko Dangote, Group President of the Dangote Group, visited President Bola Tinubu at his Lagos residence for an Eid el-Fitr courtesy call. The two men spoke. And what Dangote said to journalists afterward covered everything from the promise of Tinubu's UK state visit to the terrifying economic implications of the ongoing Middle East war including a direct warning about what prolonged conflict could do to Nigeria and the rest of Africa.
This is the full story in details.
Why Dangote visited President Tinubu
Dangote was direct about the purpose of his visit. He came to wish the President a happy Eid, to ask after his health and to reconnect with a leader he considers central to Nigeria's economic trajectory.
"I came to wish Mr. President Eid Mubarak and also ask after his health, as I haven't seen him for a while."
— Aliko Dangote, speaking to journalists in Lagos
But the conversation quickly moved to what matters most Nigeria's economic future and the outcomes of Tinubu's UK visit also the storm gathering in the Middle East.
Dangote was unequivocal in his endorsement of what Tinubu achieved during his historic state visit to the United Kingdom — the first by a Nigerian president in 37 years.
"I think it has opened ways. Today, diplomacy without the economic part of it is not complete. So I believe his visit will open quite a lot of doors and you can see the agreement that was signed for actually improving our infrastructure, especially in the ports and other areas, which is almost £746 million that's quite a lot."
— Aliko Dangote
The £746 million deal Dangote referenced is the agreement signed at Lancaster House in London between Nigeria and the United Kingdom for the modernisation of the Apapa and Tin Can Island Port infrastructure in Lagos — the two ports that handle over 70% of Nigeria's exports and imports. The deal — supported by UK Export Finance and arranged by Citibank with a UK government guarantee — represents one of the most significant infrastructure investment commitments secured by any Nigerian administration in years.
Dangote acknowledged the difficulty of securing such a commitment from Britain — a country facing its own economic challenges — and argued that the true value of the deal goes beyond the money itself:
"It's not that easy dealing with the British, getting this kind of money out of them. They too are struggling on their own. But I think this shows confidence — it's not about the money, it's about the confidence in Nigeria. So the moment they do that, there will be other countries that will follow suit. Germany will come, others — so they will line up and start coming now."
— Aliko Dangote
He also had a direct message for Nigerian investors about the opportunities the UK agreements have unlocked:
"For Nigerian investors, it has shown that we can also go to the same agency and tap the resources. It means that the agency now is open for business for Nigerians, and we will go as private people to look for them to give us support. It's a credit agency, which we haven't really tapped those resources for a very long time."
— Aliko Dangote
The Warning — Middle East War Could Trigger Severe Oil Shock
But Dangote's optimism about the UK visit came packaged with a deeply serious warning about the Middle East — and what the ongoing Iran-US-Israel conflict means for Africa's most populated nation.
Africa's richest man did not soften his language. He was precise, direct and alarming:
"We are part of a global village, and unfortunately, developments like this will affect us even if we are not directly involved."
Aliko Dangote
"If the situation does not de-escalate, we will end up paying a heavy price, especially given existing economic challenges."
Aliko Dangote
He then drew a direct connection between energy costs and the daily survival of ordinary Nigerians — using a simple but powerful example:
"Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact."
Aliko Dangote
On Africa's debt burden and the compounding effect of the oil shock, Dangote warned:
"Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people."
Aliko Dangote
And in what may be the most powerful and human line of his entire Monday statement, Dangote said:
"In Africa, in Nigeria, many people depend on daily earnings. If they don't work, they don't eat."
Aliko Dangote
He called for urgent global action to de-escalate the conflict — adding that he personally hopes and prays the war ends quickly.
The Full Context — What The UK Visit Actually Produced
To properly appreciate Dangote's endorsement of the UK visit, it helps to understand everything Tinubu's delegation secured in London.
Beyond the £746 million Lagos port modernisation deal, Nigeria and the UK signed a Migration and Mobility Partnership — the agreement we reported on earlier this week as part of our coverage of the UK-Nigeria pact and the Ekweremadu question. Nigeria also secured commitments on security cooperation, fintech expansion — with British fintech company Wise approved to operate in Nigeria — and creative industry collaboration.
Zenith Bank formally opened a second UK branch in Manchester during the visit. Nigerian films and music were celebrated at a reception at Tate Modern in London. And Tinubu's government pitched Nigeria's macroeconomic reforms — fuel subsidy removal, naira stabilisation, inflation reduction from 30% to 15% — to an audience of British investors and officials who had previously been skeptical.
Daniel Bwala, Special Adviser to the President on Policy Communication, had defended the visit vigorously in the days following Tinubu's return:
"This visit is about opening doors: more investment, more jobs, and more opportunities for our people. President Tinubu is making sure Nigeria is seen, heard, and respected on the world stage."
— Daniel Bwala, Special Adviser to President Tinubu on Policy Communication, on X
The Critics — Not Everyone Is Convinced
Not all Nigerians share Dangote's optimism about the UK visit. The visit attracted fierce criticism from opposition voices — most notably Omoyele Sowore, presidential candidate of the African Action Congress in 2023, who dismissed it entirely on Channels Television:
"These visits are nothing more than diplomatic excursions. Beyond the fanfare you are seeing on TV, it's not bringing anything to Nigeria that Nigeria cannot get or should not have. If you have it right, investors will come to your country. You don't need to travel."
— Omoyele Sowore, AAC presidential candidate, on Channels Television's The Morning Brief
Chatham House — the London-based international affairs think tank — offered a more measured but still cautionary assessment, noting that while the visit was diplomatically significant, "any potential investments are unlikely to fix Nigeria's struggling economy or reverse the structural drivers of migration" without deeper domestic reforms. The think tank pointed out that Tinubu's foreign policy has been "rhetorically polished and sometimes strategically astute" but has "not largely translated into improvements in material conditions for most Nigerians."
What This Means For Nigeria Right Now
The juxtaposition of Dangote's two messages on Monday captures Nigeria's exact situation in this moment.
On one hand — the UK visit produced real, tangible outcomes. A £746 million port deal. New credit access. Expanded fintech footprint. Diplomatic credibility. These are not nothing. As Dangote correctly observed, investor confidence is contagious. When Britain commits, others watch. When Germany and others follow — as he predicts they will — the cumulative effect on Nigeria's infrastructure and economic development could be significant.
On the other hand — the Middle East war is already eating those gains in real time. As we reported this week, Dangote's own refinery has hiked fuel prices four times in March alone — driven directly by the global oil price surge caused by the Hormuz crisis. And as President Tinubu himself warned at his Eid gathering — inflation is coming, purchasing power will be hurt, and the labour unions are already gearing up.
Dangote's message on Monday was, in essence: the UK visit opened doors — but the Middle East war is threatening to slam them shut before anyone can walk through. Both things are true simultaneously. And that is the uncomfortable reality of Nigeria's economic situation in the final week of March 2026.
In Pidgin — As Naija People Dey See Am
So Dangote go visit Tinubu for Eid. The richest man in Africa go see the President. And when journalists ask am question, e talk two things.
First thing — Tinubu UK trip na big win. The £746 million port deal wey dem sign na serious money. E talk say the British no dey give money anyhow, so the fact say dem commit shows say dem get confidence in Nigeria. And once UK do am, Germany go follow, others go follow. That na good news.
Second thing — the Middle East war dey dangerous for Nigeria and Africa. E warn say if the thing no de-escalate, we go pay heavy price. E use simple example — barber shop, generator, small business. Energy affect everything. And in Nigeria, many people dey survive day by day. If dem no work, dem no chop.
Both things dey true at the same time. The UK visit open doors. The Middle East war fit close them before anybody enter. Na the wahala wey Nigeria dey face right now. 🦅🇳🇬
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Sources: Vanguard, Channels Television, PM News, Punch, Foreign Policy, Chatham House, Energy Planets