Dangote plans over $10bn Africa power investment

Dangote, Africa's wealthiest businessman and head of the Dangote Group, has announced plans to invest over $10 billion in Africa's power sector over the next few years. In an interview with Al Jazeera, Dangote emphasized that reliable electricity access is crucial for economic growth and development across the continent. He stated that the investment is part of a major transformation effort in Africa over the next three to four years.

Dangote explained, "In the next, three, four years, there will be a major transformation in Africa. That's why we're looking at power, for example."

The Dangote Group plans to redirect funds away from other businesses, such as steel production, and invest the money in power generation. Dangote aims to invest $10 billion specifically in power infrastructure. Africa's electricity deficit remains a significant barrier to development, with more than 600 million people still lacking access to electricity, Dangote noted.

The businessman stressed that the lack of electricity is unacceptable, emphasizing the need to bring light to the majority of Africans living in darkness. Dangote also drew a connection between reliable power and the performance of political leaders, suggesting that providing consistent electricity could reduce the need for extensive election campaigns.

He argued, "You know, as some politicians, if they work hard, they have a plan, when you deliver power, you don’t need to go for campaign when you're going for the election."

Dangote underscored that electricity is fundamental to economic growth and industrial development, stating, "Power is key. We will never, ever create growth without power. That's why they say, power is growth."