Africa’s richest industrialist, Aliko Dangote, has announced plans to increase his group’s investment ambition across the continent from $50 billion to about $70 billion by 2030, with a proposed 10,000-megawatt power generation programme to support industrial growth.
Dangote, President and Chief Executive of Dangote Industries Limited, disclosed this while speaking with creative industry stakeholders from Northern Nigeria, including journalists, content creators, bloggers, entertainers and Kannywood stars.
He said reliable electricity, increased production and job creation were critical to unlocking Nigeria’s economic potential, noting that poor power supply remained one of the biggest challenges facing businesses, particularly small and medium-sized enterprises (SMEs).
According to him, the group is considering a 10,000MW power intervention across Africa, potentially including Nigeria, as part of its Vision 2030 plan. This would be separate from the electricity generated for the company’s own operations.
Dangote said the group currently generates nearly 1,500MW for its operations and plans to increase its captive power capacity to between 4,500MW and 5,000MW by the completion of Vision 2030.
“We initially planned to invest $50 billion. We are now looking at increasing that to about $70 billion in Africa,” he said.
He described electricity as central to improving the lives of ordinary Nigerians, arguing that businesses relying on petrol and diesel generators would find it difficult to remain profitable. He added that providing alternative power systems for individual homes and companies would not address the wider challenge facing the economy.
Dangote stressed that SMEs play a major role in driving economic activity and depend on larger industries to create opportunities across supply chains, production and services.
He also urged the government to focus on creating an enabling environment through consistent policies that encourage investment, saying businesses were better positioned to create jobs when the right conditions were in place.
The industrialist identified agriculture and solid minerals as sectors with significant opportunities, particularly in Northern Nigeria. However, he warned against the country’s continued dependence on exporting raw materials and importing finished products at higher costs.
He called for greater investment in local processing and infrastructure, including ports, to help businesses reach wider markets and strengthen Nigeria’s productive capacity.
“We should not simply export raw materials and then buy back the processed products at many times the price. That is the pattern we want to change. Without production, we will continue to face economic difficulties,” he said.
Reflecting on his business journey, Dangote attributed the group’s growth to focus, financial discipline and the reinvestment of earnings. He explained that its move from trading into manufacturing was driven by the decision to produce goods it already understood and had previously imported.
He also advised entrepreneurs to study the financial viability of their businesses carefully and avoid spending profits they had yet to earn. According to him, business owners must be prepared to walk away from ventures that are no longer commercially sustainable.
Dangote said his group would continue investing across the continent, encouraging smaller businesses to position themselves to benefit from major industrial projects by providing supplies, products and services.
What do you feel about this post?
Like
Love
Happy
Haha
Sad
