Africa’s richest businessman, Aliko Dangote, has revealed a new move that could reshape Nigeria’s troubled electricity sector for years.
Dangote announced plans to invest heavily in power generation with a target of producing up to 20,000 megawatts of electricity, Nigeria currently generates only about 4,000 to 4,500 megawatts daily despite its huge population.
However, the billionaire businessman believes the project could help solve major energy and industrial problems across the country and the wider African continent.
The investment announcement came during an interview with Makhtar Diop, Managing Director of the International Finance Corporation (IFC).
Speaking during the discussion, Dangote said, “We are now going into power 20,000 megawatts.”
Meanwhile, Dangote explained that the investment is part of a broader expansion strategy covering energy, fertiliser production, mining, agriculture, and transport infrastructure.
He also reflected on the early doubts surrounding the Dangote Refinery project.
“At the time when I started this refinery… I have never ever seen crude oil in my life,” he said.
“People openly said this refinery will never happen.”
Today, the refinery is operational and reportedly produces fuel with a processing capacity of about 650,000 barrels per day.
Furthermore, Dangote said the refinery experience strengthened his confidence in executing large industrial projects in Africa.
“How do we open up Africa? We will open Africa by demonstrating that we believe in Africa, by investing our money in Africa,” he stated.
“Because if I don’t invest my own money, I can never go to any conference and convince people that Africa is a good place to come and invest.”
In addition, Dangote revealed that his group is expanding fertiliser production to around 12 million tonnes yearly.
He said new mining operations are also being developed in Congo and Brazil to support fertiliser production.
Moreover, plans are underway for a major deep-sea port and liquefied natural gas projects.
“And the needs of Africa are petroleum products, fertilisers,” Dangote said.
“Today, in about two and a half years, we will be the largest fertiliser company in the world.”
He added, “We are putting up 12 million tons of urea. We are opening up mines of potash and phosphate in Congo and Brazil.”
Meanwhile, Dangote explained that stronger cash flow has improved the company’s ability to fund large projects across different sectors.
“We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” he said.
Nigeria’s power crisis has remained one of the country’s biggest economic challenges for decades.
Businesses and households continue to rely heavily on generators because electricity supply remains unstable.
