Africa’s leading industrialist, Aliko Dangote, has unveiled bold plans to venture into the power sector with a target of generating up to 20,000 megawatts (MW) of electricity. This strategic move is aimed at addressing Africa’s chronic power shortage, which he identifies as one of the biggest obstacles to industrial growth and economic competitiveness across the continent.
Speaking during a high-level meeting with the Managing Director of the International Finance Corporation (IFC), Makhtar Diop, Dangote outlined his vision for the next phase of growth for the Dangote Group. He emphasised that the planned power capacity will complement the group’s existing mega-projects — including the recently stabilised 650,000 barrels-per-day refinery, fertiliser plants, mining operations, LNG initiatives, and the construction of a major deep-sea port — to create a fully integrated industrial ecosystem.
Dangote highlighted that the Dangote Group is now financially strong with robust cash flows, enabling it to pursue even larger investments. He also revealed ongoing mining projects for potash and phosphate in Congo Brazzaville.
Beyond power, the business magnate lamented the structural barriers hindering intra-African trade and investment. He criticised the need for 38 visas to travel across the continent, cumbersome border procedures that can delay goods for weeks, high logistics costs, expensive intra-African air travel, and the dominance of foreign-owned shipping lines.
To foster greater African ownership and wealth creation, Dangote announced plans to list some of the group’s major assets — starting with the refinery — on the stock market. He stated that dividends will be paid in hard currency (US dollars), giving investors the flexibility to receive payments in their preferred currency, whether Naira, Dollars, or South African Rand.
He stressed that Africans must first demonstrate serious commitment through local investment to attract meaningful foreign capital, rather than waiting passively for outsiders.
Dangote also underscored the importance of agriculture and water infrastructure, particularly improved irrigation, as critical tools for boosting food production, reducing poverty, and tackling insecurity.
Overall, his message centred on private sector-led industrialisation, regional integration, and building a more self-reliant and prosperous Africa.
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