Africa’s richest man and President of Dangote Group, Aliko Dangote, has announced plans to invest more than $10bn in Africa’s power sector over the next three to four years.
Dangote disclosed this in an interview with Al Jazeera, saying the investment would help address the continent’s electricity deficit and support industrialization and economic growth.
He said the group was considering cancelling one or two businesses, including its proposed steel venture, and redirecting the funds to electricity generation and other power investments.
“We want to invest over $10 billion alone in power,” Dangote said.
The businessman said more than 600 million Africans still lack access to electricity, describing the situation as a major obstacle to development.
Dangote argued that reliable electricity was essential for industrialization, job creation, and sustained economic growth, saying Africa could not continue to depend heavily on imported goods.
He also identified inconsistent government policies and inadequate electricity supply as major factors discouraging investment on the continent.
According to Dangote, Africa must increase local production and process more of its raw materials domestically to retain economic value and reduce its dependence on imports.
He said his group remained committed to investing in Africa despite criticism of its business expansion and allegations of monopoly.
Dangote said the government had not granted his businesses exclusive rights to operate in any sector, arguing that other investors could participate in sectors where opportunities were available.
He maintained that his broader objective was to expand industrial capacity, create jobs, and increase African participation in businesses.
The proposed power investment is part of Dangote’s broader expansion plans across Africa. However, details of the projects to be financed, including their locations, generation capacity, and funding structure, have not yet been disclosed.
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