Aliko Dangote plans to invest more than $10 billion in Africa’s power sector over the next three to four years. The Dangote Group president said the investment will support industrial growth across the continent.
He also said the group could exit one or two businesses to fund the plan, with the steel project potentially among those affected.
Dangote said Africa needs urgent action because more than 600 million people still lack access to electricity. He stressed that reliable power remains essential for factories, job creation and economic growth.
Africa Must Increase Local Production
Dangote warned that Africa cannot rely heavily on imports as its population continues to grow. He expects the continent’s population to reach about 2.5 billion within the next 24 years.
He urged African countries to increase local production, create more jobs and retain more value from their natural resources.
Dangote also called on African investors to take the lead in funding major projects. According to him, foreign investors will follow when local investors demonstrate confidence in the continent’s economy.
Dangote Targets Global Leadership in Urea Production
Beyond the power sector, Dangote is expanding his fertiliser business. The group aims to become the world’s largest urea producer by 2028.
The group also plans to list more of its businesses on the stock market, giving members of the public an opportunity to own shares in the companies.
Dangote said 100 per cent of the group’s income comes in dollars. As a result, he said investors would receive dividends in dollars.
He added that the planned initial public offerings could take Nigeria’s capital market to “a totally different level.”
Dangote Defends Dangote Refinery IPO
Dangote also defended the ongoing IPO of the Dangote Petroleum Refinery. He described the offering as more than a fundraising exercise.
Instead, he said the IPO would give Africans an opportunity to own part of a major industrial asset.
The refinery aims to reduce Africa’s dependence on imported fuel and increase local production.
Dangote Recalls Opposition to Refinery
Dangote also recalled the opposition his refinery faced during construction. He linked the resistance to interests that benefited from Nigeria’s former fuel subsidy system.
Despite those challenges, he said the group remains committed to Africa’s industrial growth and long-term economic development.
