Africa’s richest man, Aliko Dangote, has disclosed plans by the Dangote Group to invest more than $10 billion in the power sector over the next three to four years, as part of efforts to tackle Africa’s electricity crisis and accelerate industrialization.
Dangote made the disclosure during an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as two major challenges discouraging investment across Africa.
According to the industrialist, his conglomerate is considering redirecting funds from some planned ventures, including steel, towards electricity generation and other power-related investments.
“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.
He predicted that Africa could experience significant economic transformation within the next three to four years, stressing that reliable electricity would be central to the continent’s development.
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‘Over 600 Million Africans Live Without Electricity’
Dangote expressed concern over the number of Africans who still lack access to electricity, saying the continent must urgently address the situation.
“We Africans should not really allow over 600 million of our people to remain in darkness,” he said.
He described electricity as a fundamental driver of economic growth and industrial development, arguing that African countries would struggle to create jobs and achieve sustainable growth without adequate power supply.
“Power is key; we will never create growth without power. That’s why they say power is growth. When I say power, I mean electricity is growth.”
Dangote: Africa Must Industrialize
The billionaire businessman said Africa must reduce its dependence on imported goods by developing its manufacturing and industrial capacity.
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He warned that the continent could eventually face difficulties financing the importation of the goods it currently consumes if it fails to strengthen domestic production.
“One day we will not have money to import what we are consuming. So how can we remain an import continent? It has to change.”
Dangote said the transformation would require Africans to have greater confidence in the continent and invest in businesses and industries capable of creating jobs.
Government Policies and Electricity Remain Challenges
According to Dangote, frequent changes in government policies and inadequate electricity supply have historically discouraged investors from committing capital to African businesses.
“In the past, there’s been a lot of flip-flops in government policies. Government policies were changing every day, and then, the lack of electricity is also there.”
He, however, said he remained committed to investing in Africa despite the challenges.
“Without our intervention, Africa will never be able to create jobs. If there’s no industrialization, how do you create jobs? You can’t.”
Dangote Responds to Monopoly Allegations
The businessman also addressed criticism that his expanding business interests could create monopolies in some sectors.
Dangote said such criticism would not distract him from his objectives, using football star Lionel Messi as an analogy.
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“Have you ever seen a footballer looking at the audience? He has to continue looking at the ball,” he said.
He argued that his companies had not been granted exclusive rights by the government to operate in particular sectors.
“There’s nothing that the government gave us and say, ‘this is only for Dangote’.”
Dangote compared investment to a 100-metre race, saying investors who chose not to participate should not blame those who entered the competition and succeeded.
‘Africa Must Process Its Own Raw Materials’
Dangote also called for more raw materials to be processed within Africa before being exported.
He argued that local processing and value addition would enable African countries to retain more economic benefits from their natural resources and create additional jobs.
“They must produce on our own continent.”
He suggested that African governments could eventually introduce stronger policies encouraging the local processing of commodities such as cocoa and other raw materials.
‘Africa Must Get to the Promised Land’
Despite criticism and opposition, Dangote said he remained determined to pursue his industrial ambitions.
He described the development of Africa as a responsibility and said he was prepared to make significant personal sacrifices towards achieving that objective.
“We have a target, and we’re getting to our target.”
He added:
“This continent must get to the promised land.”
The proposed power investment would represent a major expansion of Dangote Group’s involvement in the energy sector and underscores the growing importance of electricity generation to Africa’s industrialization ambitions.
