President of the Dangote Group, Aliko Dangote, has disclosed plans to invest more than $10 billion in Africa’s power sector over the next three to four years, saying the group may exit one or two businesses, including its steel project, to redirect funds towards electricity.
Dangote made the disclosure in an interview monitored by The Guardian, citing Africa’s electricity deficit as a major barrier to economic development. He noted that more than 600 million people across the continent still lack access to electricity.
He said the planned investment formed part of the group’s broader strategy to support industrialisation, create jobs and reduce Africa’s dependence on imported goods.
Dangote argued that the continent could not sustain an import-dependent economy as its population grows, projecting that Africa could have about 2.5 billion people within the next 24 years.
According to him, the projected population makes it necessary for African countries to expand domestic production, create jobs and retain more value from their natural resources.
The industrialist stressed that reliable electricity was critical to job creation and sustainable industrial development, adding that Africa would struggle to achieve meaningful economic growth without addressing its power deficit.
He also urged Africans to take the lead in investing in the continent, saying foreign investors would be encouraged when local investors demonstrate confidence in African economies.
Dangote predicted significant economic transformation across Africa within the next three to four years, driven by increased investment and industrialisation.
Beyond power, he said the group was expanding its fertiliser business with the ambition of becoming the world’s largest urea producer by 2028.
He also disclosed plans to list the group’s businesses over time, allowing members of the public to become part owners of the investments.
Dangote said 100 per cent of the company’s income was in dollars and that investors would receive dividends in dollars. He added that the planned initial public offering would take the Nigerian capital market to “a totally different level” and enable investors across Africa to participate.
The businessman also revisited the opposition he said the Dangote Refinery faced during its development, linking the resistance to interests that benefited from Nigeria’s former fuel subsidy regime.
Meanwhile, Dangote has reaffirmed the group’s commitment to Africa’s industrial transformation and wealth creation, describing the ongoing Dangote Petroleum Refinery Initial Public Offering (IPO) as an opportunity for Africans to participate directly in major industrial projects.
Speaking in an interview with Bloomberg Television, he said the refinery IPO was not simply a capital-raising exercise but part of a broader plan to broaden ownership of strategic African assets.
Dangote said the offering would give ordinary Africans and institutional investors an opportunity to become shareholders in an enterprise he described as contributing to Africa’s energy future.
He said expanding ownership of the refinery was as important as increasing its operational capacity because it would allow more Africans to participate in the wealth generated by major industrial investments.
He added that the refinery was conceived as an African solution to the continent’s longstanding energy challenges and remained central to the group’s goal of reducing dependence on imports while strengthening local production.
