Aliko Dangote, Africa’s richest businessman, says Dangote Group is planning to invest in power generation with a target of up to 20,000 megawatts.
Dangote spoke in an interview with Makhtar Diop, managing director at International Finance Corporation (IFC), on Wednesday.
“We are now going into power — 20,000 megawatts,” he said.
Nigeria currently generates about 4,000–4,500MW of electricity, far below its installed capacity of over 13,000MW.
Dangote further listed the planned investment alongside other ongoing projects, including fertiliser production, liquefied natural gas (LNG), and port development.
He also spoke on the evolution of his refinery project, noting that it faced scepticism at inception.
“At the time when I started this refinery… I have never ever seen crude oil in my life,” he said.
“People openly said this refinery will never happen.”
The Dangote refinery, valued at about $20 billion, is now producing fuel, with capacity estimated at 650,000 barrels per day.
Dangote also said the experience has reinforced his approach to investing in large-scale projects across the continent.
“How do we open up Africa? We will open Africa by demonstrating that we believe in Africa, by investing our money in Africa,” he said.
“Because if I don’t invest my own money, I can never go to any conference and convince people that Africa is a good place to come and invest. But right now, I have a voice, I have demonstrated that these things are possible.”
He added that his group is expanding fertiliser production capacity to about 12 million tonnes annually, alongside investments in mining, agriculture, LNG, and a deep-sea port.
“And the needs of Africa are petroleum products, fertilisers,” Dangote said.
“Today, in about two and a half years, we will be the largest fertiliser company in the world. We are putting up 12 million tons of urea. We are opening up mines of potash and phosphate in Congo and Brazil. We are building the biggest deep-sea port with an 18-meter draft. We are doing LNG.”
He added that the expansion is being driven by stronger cash flows and increased financial flexibility.
“We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” Dangote said.
He added that the projects are aimed at addressing critical infrastructure and industrial gaps across Africa.
Dangote, however, said investments will make sense if Africa addresses its structural trade barriers.
