Dangote Plans $10bn Power Investment To End Africa’s Electricity Deficit

President of Dangote Group, Aliko Dangote, has said he plans to invest more than $10 billion in the power sector over the next few years to help close the continent’s electricity gap.

Dangote made the disclosure in an interview with Al Jazeera, published on its website on Monday.

He said the group could cancel one or two of its existing businesses, such as steel, and redirect the funds into power.

Dangote said more than 600 million Africans still lack access to electricity, describing this as a situation the continent should not accept.

He said Africa was on the verge of major change over the next three to four years, which was why the group was looking at power.

Dangote also linked electricity supply to political performance. He argued that leaders who deliver reliable power would not need to campaign hard for re-election.

He stressed that industrial growth depends on energy. “We will never, ever create growth without power,” he said.

The announcement follows Dangote’s earlier disclosure in May of plans for a 20,000-megawatt power project. He did not give a location, timeline or financing structure for the latest investment.