The president of the Dangote Group and Africa’s richest man, Aliko Dangote, on Monday, September 21, said that his conglomerate plans to invest over $10 billion in the power sector to address Nigeria’s electricity crisis and drive industrialisation.
Dangote stated this while identifying inconsistent government policies and inadequate electricity supply as major challenges discouraging Africans from investing in the continent.
He said the group is considering redirecting funds from certain businesses, including steel, toward electricity generation and other power-related investments.
“And I’m telling you in the next three to four years, there will be a major transformation in Africa, and that’s why we’re looking at power. We are going to invest in power. There are one or two businesses that we might cancel, like steel, and we will put the money in power. We want to invest over $10bn alone in power,” Dangote said.
He expressed concern that more than 600 million Africans continued to live without electricity, describing the situation as one that the continent must address, saying, “We Africans should not really allow over 600 million of our people to remain in darkness.”
The industrialist linked electricity supply to economic development and argued that governments that successfully deliver power to their citizens may not need to go for campaigns again during elections.
“You know, if some politicians work hard and have a plan, when you deliver power, you don’t need to go for a campaign when you’re going for an election. Power is key; we will never create growth without power. That’s why they say power is growth. When I say power, I mean electricity is growth,” he said.
He said Africa would be unable to create jobs and achieve sustainable economic growth without industrialisation, stressing that the continent must reduce its dependence on imported goods.
He said, “The problem really is, it takes two to tango. I think in the past, there’s been a lot of flip-flops in government policies. Government policies were changing every day, and then, the lack of electricity is also there.
“So, these two issues haven’t gone away. They are still there. But for some of us that really mean business, we are here, and we know that yes, without our intervention, Africa will never be able to create jobs. If there’s no industrialisation, how do you create jobs? You can’t.”
Dangote warned that Africa could eventually lack the financial resources to continue importing the goods it consumes, making industrial development and local production necessary for the continent’s future.
“One day we will not have money to import what we are consuming. So how can we remain an import continent? It has to change. But that change can only happen when Africans believe in Africa, and they invest in Africa,” he stated.
According to the businessman, a growing number of investors are showing interest in supporting African businesses because of the opportunities available on the continent.
He added that his investment approach was focused on spreading wealth, expanding participation in businesses, and strengthening corporate governance.
“We want to make sure it’s about spreading the wealth. It’s about getting more people in the business. It’s also about corporate governance. So that’s the direction,” he added.
Responding to accusations that his business activities were creating a monopoly, Dangote said he would remain focused on his objectives rather than be distracted by his critics.
He used football star Lionel Messi as an example, explaining that a player must concentrate on the ball rather than the audience while playing.
“Well, you know, if I’m going to listen to that, have you ever seen a footballer looking at the audience? He has to continue looking at the ball. If I’m Messi, for example, I’m kicking the ball, and I’m looking at the audience, do you think I won’t miss the ball? I will miss the ball,” he stated.
“If I’m going to make my continent great and people want to call me a monopoly for no reason, so be it. I mean, it’s not going to reduce the colour of my face or whatever. You can call me whatever you want to call me; I didn’t stop anybody; it is an opportunity given to everybody; every one of us has that opportunity, whether Africans, foreigners or whoever.”
He said the government had not granted his businesses exclusive rights to operate in any sector, maintaining that opportunities were available to investors who were willing to participate.
“There’s nothing that the government gave us and say, ‘this is only for Dangote ’. The government will create a policy around a sector, and they will blow a whistle and say, ‘ Yes, this is it,” he noted.
“If there’s a 100-metre race, some people were on the bench while I’m on the track, and I agreed to run that race, and I won that race alone, are you going to blame me or are you going to blame people who just sat on the bench?”
The businessman added that businesses and individuals needed to believe in Africa and invest in its development if they want to benefit from the continent’s economic opportunities.
“They’re not ready, they’re not prepared, they don’t even believe in Africa itself. If you don’t invest, you are not going to get fruit of that labour,” he replied to those accusing him of monopoly.
Addressing his critics, Dangote said opposition and distractions would continue but maintained that his businesses would remain committed to their objectives.
He said he considered the industrial development of Africa a responsibility that required determination, adding that he was willing to make personal sacrifices towards achieving the goal.
“The distraction will continue. But we have what you call a very thick skin. No matter what you do, even if you take bullets, you are hitting our body with it; we’re not going to stop. We have a target, and we’re getting to our target.
“And if we don’t do it, believe me honestly, Africa will be in trouble. And I would rather save my continent at the expense of even my life. This continent must get to the promised land,” he declared.
Dangote further called for increased processing of Africa’s raw materials within the continent, arguing that local value addition would help retain economic benefits and promote industrial development.
He added that African governments could eventually adopt measures to encourage local processing once the continent demonstrated the benefits of transforming raw materials before exporting them.
“Eventually they (foreigners) will stop taking our raw materials. They must produce on our own continent.
“You see, once we show people how to do all these, even the governments themselves will start saying, no, you can’t take our cocoa, process it here and add value, then you take it out,” he stated.
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