As parts of measures to address the electricity crisis in Nigeria and drive industrialization, Africa’s richest man, Aliko Dangote, has said his conglomerate plans to invest over $10 billion in the power sector.
Dangote stated this during an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major challenges discouraging Africans from investing in the continent.
He disclosed that the group is considering redirecting funds from certain businesses, including steel, towards 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 $10bn alone in power.”
The billionaire businessman expressed concern that more than 600 million Africans continued to live without electricity, describing the situation as one that the continent must address, saying, “We Africans should not really allow over 600 million of our people to remain in darkness.”
Dangote linked electricity supply to economic development and argued that governments that successfully deliver power to their citizens may not need to go for campaigns again during elections.
“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,” industrialist said, just as he also added that Africa would be unable to create jobs and achieve sustainable economic growth without industrialisation, stressing that the continent must reduce its dependence on imported goods.
On what some are saying about not investing in Africa, he said, “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.
“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, just as he also warned that Africa could eventually lack the financial resources to continue importing the goods it consumes, making industrial development and local production necessary for the continent’s future.
“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.
According to the businessman, a growing number of investors are showing interest in supporting African businesses because of the opportunities available on the continent. He added that his investment approach was focused on spreading wealth, expanding participation in businesses and 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.”
