Dangote Plans $10bn Power Investment to Tackle Africa’s Electricity Crisis
Dangote made the disclosure in an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major factors discouraging investment in Africa.
He said the conglomerate was considering redirecting funds from some businesses, including steel, into electricity generation and other power-related projects.
Dangote said the group expected major changes in Africa’s power sector over the next three to four years, stressing that electricity was critical to economic growth and industrial development.
He expressed concern that more than 600 million Africans still lacked access to electricity, saying the continent could not afford to leave such a large population without power.
According to him, reliable electricity is essential for creating jobs, expanding industries and driving economic growth. He argued that governments that successfully provide electricity to citizens could significantly improve their economic prospects.
Dangote also said Africa must accelerate industrialisation and reduce its dependence on imported goods if it is to create enough jobs and sustain economic growth.
He attributed some of the challenges facing investors on the continent to frequent changes in government policies and inadequate electricity supply.
The industrialist said these challenges had not disappeared but maintained that investors committed to Africa must continue to invest in businesses capable of creating jobs and supporting economic development.
Dangote warned that Africa could eventually face difficulties financing the importation of the goods it currently consumes, making local production and industrial development increasingly important.
He said the continent needed more Africans to invest in African businesses and support the development of local industries.
Dangote added that more investors were beginning to recognise the opportunities available on the continent, noting that his investment approach was focused on spreading wealth, expanding participation in businesses and strengthening corporate governance.
