Africa’s richest man, Aliko Dangote, has disclosed that his conglomerate plans to invest more than $10 billion in the power sector as part of efforts to address Nigeria’s electricity challenges and promote industrialisation across Africa.
Dangote made the disclosure during an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major factors discouraging investment on the continent.
The businessman said his group was considering redirecting funds from some planned ventures, including steel, into electricity generation and other power-related investments.
“And I’m telling you in the next three to four years, there will be a major transformation in Africa, and that’s why we’re looking at power. 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 $10 billion alone in power,” he said.
Dangote expressed concern that more than 600 million Africans still live without access to electricity, describing the situation as one the continent must urgently address.
“We Africans should not really allow over 600 million of our people to remain in darkness,” he said.
He linked reliable electricity supply to economic growth and argued that governments that successfully provide power to citizens could gain significant public support.
“You know, if some politicians work hard and have a plan, when you deliver power, you don’t need to go for a campaign when you’re going for an election. 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 said.
He also stressed that Africa would struggle to create jobs and achieve sustainable economic growth without industrialisation, urging the continent to reduce its dependence on imported goods.
Addressing concerns about investing in Africa, Dangote attributed the continent’s investment challenges partly to policy uncertainty and inadequate electricity.
“The problem really is, it takes two to tango. I think 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 said.
He added that these challenges remained, but said investors committed to Africa could help drive economic transformation.
“So, these two issues haven’t gone away. They are still there. But for some of us that really mean business, we are here, and we know that yes, without our intervention, Africa will never be able to create jobs. If there’s no industrialisation, how do you create jobs? You can’t,” he said.
Dangote warned that Africa could eventually face difficulties financing the continued importation of the goods it consumes, making local production increasingly important.
“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. But that change can only happen when Africans believe in Africa, and they invest in Africa,” he stated.
The industrialist said more investors were beginning to recognise opportunities on the continent and expressed his commitment to expanding participation in businesses while strengthening corporate governance.
“We want to make sure it’s about spreading the wealth. It’s about getting more people in the business. It’s also about corporate governance. So that’s the direction,” he said.
Responding to accusations that his business activities amounted to a monopoly, Dangote said he remained focused on his objectives and would not allow criticism to distract him.
He likened his approach to that of a footballer concentrating on the ball rather than the audience, using Lionel Messi as an example.
“Well, you know, if I’m going to listen to that, have you ever seen a footballer looking at the audience? He has to continue looking at the ball. If I’m Messi, for example, I’m kicking the ball, and I’m looking at the audience, do you think I won’t miss the ball? I will miss the ball,” he said.
Dangote maintained that the government had not granted his companies exclusive rights to operate in any sector.
“There’s nothing that the government gave us and say, ‘this is only for Dangote’. The government will create a policy around a sector, and they will blow a whistle and say, ‘Yes, this is it’,” he said.
He argued that investors who chose not to participate in available opportunities should not blame those who entered the market and succeeded.
Using a 100-metre race as an analogy, he said: “If there’s a 100-metre race, some people were on the bench while I’m on the track, and I agreed to run that race, and I won that race alone, are you going to blame me or are you going to blame people who just sat on the bench?”
Dangote said businesses and individuals needed to believe in Africa and invest in the continent if they wanted to benefit from its economic opportunities.
“If you don’t invest, you are not going to get fruit of that labour,” he said.
He acknowledged that criticism and opposition would continue but said his businesses would remain committed to their long-term objectives.
“The distraction will continue. But we have what you call a very thick skin. No matter what you do, even if you take bullets, you are hitting our body with it; we’re not going to stop. We have a target, and we’re getting to our target,” he said.
Dangote described Africa’s industrial development as a responsibility requiring determination and sacrifice, adding that he was prepared to contribute to the continent’s transformation.
“And if we don’t do it, believe me honestly, Africa will be in trouble. And I would rather save my continent at the expense of even my life. This continent must get to the promised land,” he declared.
He further called for more processing of Africa’s raw materials within the continent, arguing that local value addition would help retain more economic benefits and support industrial development.
Dangote said African governments could eventually introduce stronger measures to encourage local processing once the benefits of transforming raw materials before export became more evident.
“Eventually they (foreigners) will stop taking our raw materials. They must produce on our own continent,” he said.
“You see, once we show people how to do all these, even the governments themselves will start saying, no, you can’t take our cocoa, process it here and add value, then you take it out,” he added.
