Aliko Dangote has revealed plans to invest more than $10 billion in Africa’s power sector, with the billionaire suggesting that the group could redirect funds from businesses it no longer intends to pursue.
Dangote made the disclosure during an interview with Al Jazeera, where he identified electricity as a major requirement for Africa’s economic growth.
The News Chronicle reports that Dangote Group is considering cancelling one or two planned businesses, including its steel project, to free up funds for power investments.
Dangote said the group could invest over $10 billion in power but did not disclose the specific projects, countries or timeline for the proposed investment.
He also pointed to Africa’s electricity deficit, noting that more than 600 million people across the continent remain without access to electricity.
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The proposed investment builds on Dangote Group’s existing energy activities. The conglomerate generates up to 1,540MW for its manufacturing operations, while Dangote Refinery operates a 435MW power plant.
Dangote said he expects significant economic transformation across Africa within the next three to four years, with power playing a central role.
The investment would further expand Dangote Group’s presence in Africa’s energy sector as governments and private investors seek to address the continent’s persistent electricity shortage.
