Dangote Plans $10bn Power Investment To Tackle Electricity Crisis

By Victor Idajili

Africa’s richest man, Aliko Dangote, says his group will invest more than $10 billion in power generation to address Nigeria’s electricity challenges and boost industrialisation.

Speaking in an interview with Al Jazeera, Dangote said unstable government policies and inadequate power supply are discouraging investment in Africa.

He revealed that the Dangote Group is ready to shelve some of its planned ventures, including steel, to free up funds for power.

He said: “We are going to invest in power. There are one or two businesses that we might cancel, like steel, and we will put the money in power. We want to invest over $10bn alone in power.”

Dangote said it was unacceptable that over 600 million Africans still live without electricity, stressing that Africans must take the lead in solving the problem.

On the importance of electricity, he noted that stable power is critical to growth and job creation, adding that any government that fixes power may not need to campaign for re-election.

“If some politicians work hard and have a plan, when you deliver power, you don’t need to go for a campaign. Power is key, electricity is growth,” he said.

He warned that Africa cannot continue as an import-dependent continent and must industrialise to create jobs and retain wealth.

“One day we will not have money to import what we are consuming. That change can only happen when Africans believe in Africa and invest in Africa,” he said.

Dangote also reacted to claims that he is building a monopoly, saying such criticisms will not distract him. Using football as an analogy, he said:

“If I’m Messi kicking the ball and I’m looking at the audience, I will miss the ball. If I’m going to make my continent great and people want to call me a monopoly for no reason, so be it.”

He maintained that no sector has been reserved exclusively for him, explaining that government policies are open to all investors.

“There is nothing government gave us and said this is only for Dangote. If there is a 100-metre race and some people were on the bench while I’m on the track and I won alone, are you going to blame me?” he asked.

He added that his investment philosophy is about spreading wealth, expanding participation and strengthening corporate governance, and vowed to stay focused on Africa’s industrial future.

“The distraction will continue, but we have very thick skin. We have a target and we are getting to our target. I would rather save my continent at the expense of even my life,” he said.

Dangote also called on African governments to stop the export of raw materials without processing, insisting that value addition must happen on the continent.