Dangote shifts to power, commits $10b investment in three years - The Guardian Nigeria News

President, Dangote Group, Aliko Dangote, has disclosed plans to invest over $10 billion in Africa’s power sector within the next three to four years, saying the group may abandon one or two businesses, including its steel project, to redirect funds into electricity and accelerate industrialisation across the continent.

Dangote, who made the disclosure in an interview monitored by The Guardian, said the investment was driven by the need to address Africa’s electricity deficit, noting that more than 600 million people on the continent remain in darkness.

He said the proposed investment formed part of the group’s broader strategy to support African industrialisation, create jobs and reduce the continent’s dependence on imported goods.

According to him, Africa could not continue to operate an import-dependent economy as its population expands, projecting that the continent would have about 2.5 billion people within the next 24 years.

Dangote said the projected population made it imperative for African countries to expand domestic production, create jobs and retain more value from their natural resources.

He maintained that reliable electricity was essential to creating jobs and building sustainable industries, arguing that Africa would struggle to achieve meaningful economic growth without addressing its power deficit.

Dangote also urged Africans to take the lead in investing in the continent, saying foreign investors would be more willing to participate when local investors demonstrate confidence in African economies.

He predicted a major transformation across Africa in the next three to four years, driven by increased investment and industrialisation.

Beyond power, Dangote disclosed that the group was expanding its fertiliser business with the ambition of becoming the world’s largest urea producer by 2028.

He also disclosed plans to list the group’s various businesses over time, saying the objective was to allow members of the public to become part owners of the investments.

He added that 100 per cent of the company’s income was in dollars, saying investors would receive dividends in dollars. He noted that the IPO would take the Nigerian capital market to “a totally different level” and that investors across Africa would be able to participate.

Dangote also revisited the opposition he said the refinery encountered during its development, linking the resistance to interests that benefited from Nigeria’s former fuel subsidy regime.

MEANWHILE, Dangote has reaffirmed the Dangote Group’s unwavering commitment to Africa’s industrial transformation, wealth creation, and long-term economic development, stating that the ongoing Dangote Petroleum Refinery Initial Public Offering (IPO) represents a unique opportunity for Africans to participate directly in the continent’s most ambitious industrial project.

Speaking during an interview with Bloomberg Television, Aliko Dangote said the Dangote Refinery IPO was not merely a capital-raising exercise but part of a broader vision to democratise ownership of strategic African assets and create sustainable value for millions of investors across the continent.

According to him, the refinery’s public offering gives ordinary Africans and institutional investors alike the opportunity to become shareholders in a world-class enterprise that is helping to redefine Africa’s energy future.

He noted that broadening ownership of the refinery was as important as expanding its operational capacity because it enables more Africans to participate in the wealth generated by the continent’s largest industrial investments.

The foremost industrialist emphasised that the refinery was conceived as an African solution to Africa’s longstanding energy challenges and forms a critical part of the Dangote Group’s mission of reducing the continent’s dependence on imports while strengthening local production capabilities.