Dangote Plans $10bn Investment in Power Sector
President of Dangote Group, Aliko Dangote, has disclosed plans to invest over $10 billion in Africa’s power sector in the next three to four years.
He said the group may abandon one or two businesses, including its steel project, to redirect funds into electricity and accelerate industrialisation across the continent.
Dangote spoke in an interview monitored by The Guardian. He said the investment was driven by Africa’s electricity deficit, noting that over 600 million people on the continent remain without power.
He said Africa cannot continue to run an import-dependent economy as its population expands, projecting that the continent will have about 2.5 billion people in the next 24 years.
“Reliable electricity is essential to creating jobs and building sustainable industries,” he said, adding that Africans must lead investment in the continent to attract foreign investors.
Beyond power, Dangote said the group is expanding its fertiliser business with a target to become the world’s largest urea producer by 2028.
He also disclosed plans to list the group’s businesses over time to allow public ownership, adding that 100% of the company’s income is in dollars and investors will receive dividends in dollars. He said the IPO would take the Nigerian capital market to “a totally different level.”
He revisited the opposition faced during the construction of the Dangote Refinery, linking it to interests that benefited from Nigeria’s former fuel subsidy regime.
He reaffirmed the group’s commitment to Africa’s industrial transformation, saying the refinery’s Initial Public Offering (IPO) is not just a capital-raising exercise but a move to democratise ownership of strategic African assets.