Africa’s richest man, Aliko Dangote, has announced plans to invest more than $10 billion in Nigeria’s power sector as part of efforts to address the country’s long-standing electricity challenges.
“We are going to invest over $10 billion in power,” Dangote said, highlighting the scale of his group’s planned commitment to the sector.
Dangote said the proposed investment would support the expansion of power generation and related infrastructure, potentially strengthening electricity supply to industries and communities across Nigeria and Africa.
Nigeria has struggled with inadequate and unreliable electricity supply for decades, with businesses and households often relying on petrol and diesel-powered generators to meet their energy needs.
The proposed investment is expected to complement existing efforts to increase electricity generation and reduce the cost of power for industries, particularly manufacturers whose operations are heavily affected by unreliable supply.
Dangote Group is already a major player in Nigeria’s industrial and energy sectors, with its investments spanning cement, fertilizer, oil refining and petrochemicals.
The announcement comes as Nigeria seeks to attract more private-sector investment into its power sector. Dangote also disclosed plans to list all group businesses, expand the Dangote Refinery to 1.4 million barrels per day, and target power self-sufficiency of 1,000 megawatts at the refinery complex.
