Dangote To Invest Over $10bn In Power Sector To Tackle Nigeria’s Electricity Crisis

Africa’s richest man, Aliko Dangote, has said his conglomerate plans to invest over $10bn in the power sector to address Nigeria’s electricity crisis and drive industrialisation. Speaking in an interview with Al Jazeera, Dangote identified inconsistent government policies and inadequate electricity supply as major challenges discouraging investment in Africa, disclosing that the group may redirect funds from businesses such as steel toward power generation.

He expressed concern that more than 600 million Africans remain without electricity, arguing that power is central to economic growth and that leaders who deliver reliable electricity may not need to campaign hard for re-election. Dangote said Africa cannot create jobs or achieve sustainable growth without industrialisation and reduced dependence on imports, warning that the continent could eventually lack the resources to keep importing what it consumes.

Responding to accusations that his businesses create a monopoly, Dangote said he remained focused on his goals rather than critics, using a footballer analogy to explain that distractions could cause him to “miss the ball.” He said the government had not granted his businesses exclusive rights in any sector, comparing his position to a runner who competed and won a race others chose to sit out, and stressed his commitment to industrial development despite ongoing criticism.

Dangote also called for increased local processing of Africa’s raw materials to retain economic value on the continent, saying demonstrating the benefits of value addition could eventually prompt governments to restrict the export of unprocessed raw materials.