Dangote Unveils $10bn Power Investment Plan to Transform Nigeria, Africa’s Electricity Sector

President of the Dangote Group, Aliko Dangote, has announced plans by his business group to invest more than $10 billion in Africa’s power sector over the next three to four years, as he identified electricity supply as critical to industrialisation and economic growth on the continent.

Dangote disclosed the proposed investment during an interview with Al Jazeera, saying the group was considering redirecting funds from some planned ventures into electricity projects. He said the move was based on the importance of reliable power to Africa’s economic transformation.

According to the industrialist, one or two proposed businesses could be cancelled or reconsidered to free up capital for the power investment. He specifically mentioned steel among the businesses being considered as the group determines where to deploy its resources.

Dangote said the planned investment would be implemented over a period of approximately three to four years, with the broader objective of addressing Africa’s persistent electricity challenges and creating conditions that can support greater industrial activity.

He highlighted the scale of Africa’s electricity access problem, stating that more than 600 million Africans still lack access to electricity. Dangote argued that the situation represents a major obstacle to development and should be addressed through increased investment in the sector.

The businessman linked electricity supply directly to industrialisation, job creation and economic expansion. He maintained that Africa would struggle to generate sustainable growth and employment without sufficient power to support industries and local production.

Dangote also pointed to inconsistent government policies and inadequate electricity supply as challenges that have discouraged investment in Africa. He argued that greater policy stability, combined with improved power infrastructure, would help create a stronger environment for businesses and investors.

The proposed power investment comes as the Dangote Group continues to expand its industrial footprint across Africa. The conglomerate has significant interests in sectors including cement, oil refining, fertiliser and other manufacturing activities, making energy supply particularly important to its industrial operations.

Dangote further argued that Africa needs to reduce its dependence on imported goods by increasing local manufacturing and processing. He said the continent could retain more economic value by processing its raw materials locally instead of exporting them and importing finished products.

The proposed $10 billion-plus power investment, if implemented as announced, would represent a major private-sector commitment to Africa’s electricity industry. Dangote’s comments place reliable power at the centre of his broader argument for industrialisation, local production, investment and job creation across the continent.