DANGOTE PLANS $10BN INVESTMENT TO TACKLE POWER CRISIS

Africa’s richest man, Aliko Dangote, has disclosed plans by the Dangote Group to invest more than $10bn in Nigeria’s power sector to help address the electricity crisis and support industrial development across Africa.

Dangote made the disclosure during an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major challenges affecting investment and economic growth on the continent.

The industrialist said his conglomerate was considering redirecting funds from some businesses, including steel, into electricity generation and other power-related investments.

He said the group could cancel one or two planned businesses and instead channel the funds into the power sector, with more than $10bn earmarked for the investment over the next few years.

Dangote also expressed concern over the number of Africans without access to electricity, saying more than 600 million people on the continent remained without power.

He described electricity as critical to economic growth and said Africa would struggle to create jobs and achieve sustainable development without adequate power supply and industrialisation.

According to him, governments that successfully provide electricity to their citizens could significantly improve economic conditions and reduce the importance of election campaigns.

Dangote said Africa must also reduce its dependence on imported goods by increasing local production and industrial capacity.

He argued that inconsistent government policies and poor electricity supply had discouraged some investors from committing funds to African businesses.

However, he said investors who were determined to develop the continent would continue to participate despite the challenges.

The businessman warned that Africa could eventually face difficulties financing the importation of the goods it currently consumes, making local manufacturing and processing increasingly important.

He urged Africans to believe in the continent and invest in its economy, saying industrialisation was necessary for job creation and long-term development.

Dangote also said his investment strategy was aimed at spreading wealth, bringing more people into businesses and strengthening corporate governance.

On allegations that his business activities were creating a monopoly, he said he would remain focused on his objectives rather than be distracted by criticism.

Using football star Lionel Messi as an example, Dangote said business leaders, like footballers, must concentrate on their objectives instead of being distracted by spectators.

He maintained that the government had not granted his companies exclusive rights to operate in any sector, saying opportunities remained open to other investors.

Dangote compared business competition to a 100-metre race, arguing that those who choose not to participate should not blame investors who enter the market and succeed.

He also called for greater processing of Africa’s raw materials within the continent, saying local value addition would help retain more economic benefits and promote industrial development.

According to him, once Africa demonstrates the benefits of processing its raw materials locally, governments could introduce stronger measures to encourage domestic value addition before products are exported.

Dangote said he remained committed to supporting Africa’s industrial development despite criticism and other challenges, describing the effort as a responsibility that required determination and personal sacrifice.