Aliko Dangote, President of Dangote Group, has announced plans to invest more than $10 billion in Africa’s power sector over the next three to four years, saying reliable electricity is essential to the continent’s economic and industrial development.
Dangote disclosed the plan in an interview with Al Jazeera published on Monday. He said the proposed investment would form part of efforts to support a major economic transformation across Africa and address the continent’s long-standing electricity shortage.
According to Dangote, his group is considering redirecting funds from some proposed businesses into power projects. He specifically mentioned that one or two businesses, including the planned steel venture, could be cancelled so that more resources could be committed to electricity.
“We want to invest over $10 billion alone in power,” Dangote said.
He explained that the decision was largely influenced by the number of Africans who still lack access to electricity. Dangote said more than 600 million people across Africa remain without access to electricity, describing the situation as a major obstacle to development.
He stressed that electricity is not only needed for households but is also important for businesses, factories and other productive activities. According to him, Africa cannot achieve strong and sustainable economic growth without solving its power challenges.
“So power is key. We will never, ever create growth without power,” he said.
The planned investment could further increase Dangote Group’s involvement in Africa’s energy sector. The group already has major interests in industries including cement, fertiliser and petroleum refining, with its investments requiring significant infrastructure and reliable energy supplies.
Dangote also linked improved electricity supply with industrialisation and job creation. He argued that African countries need to increase local production rather than continue depending heavily on imported goods.
He said Africa could eventually face difficulties financing the large volume of goods it imports if the continent does not increase its productive capacity.
The businessman further called for greater investment by Africans in businesses and industries on the continent. He said stronger investment in local industries could help create jobs, expand economic opportunities and keep more value from Africa’s natural resources within the continent.
Dangote’s announcement comes as African countries continue to face challenges relating to electricity generation, transmission and access. Businesses across the continent have frequently identified inadequate and unreliable power supply as one of the factors affecting production and operating costs.
The Dangote Group has not yet provided detailed information on the specific countries, power projects or generation capacity that would form part of the proposed $10 billion investment. However, Dangote said the group expects significant transformation across Africa within the next three to four years.
The planned investment represents a major proposed expansion of the group’s activities beyond its existing industrial operations and places electricity infrastructure at the centre of its future investment strategy.
Dangote said the objective is to contribute to solving Africa’s electricity deficit while supporting industrialisation, economic growth and job creation across the continent.
