Africa’s richest man, Aliko Dangote, has disclosed that his business group is planning to commit more than $10 billion to the power sector as part of efforts to address Nigeria’s electricity challenges and promote industrial growth.
Dangote made the disclosure during an interview with Al Jazeera, where he identified unstable government policies and insufficient electricity supply as some of the major factors discouraging investment across Africa.
He said the conglomerate was considering shifting investments from some ventures, including steel, towards electricity generation and other areas of the power industry.
“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.”
The businessman expressed concern that more than 600 million people across Africa still lack access to electricity, describing the situation as unacceptable and urging Africans to address the challenge.
“We Africans should not really allow over 600 million of our people to remain in darkness.”
Dangote linked reliable electricity to economic expansion, arguing that political leaders who succeed in providing power to citizens may not need to engage in extensive campaigns during subsequent 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 maintained that Africa would struggle to generate employment and achieve lasting economic progress without industrialisation, stressing the importance of reducing the continent’s reliance on imported products.
Addressing claims that investors are reluctant to put money into Africa, Dangote attributed the situation partly to inconsistent government policies and inadequate electricity supply.
“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,” he said.
Dangote warned that Africa could eventually face difficulties financing the importation of the goods it currently consumes, making domestic production and industrialisation essential.
“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.
The businessman said more investors were becoming interested in African businesses because of the opportunities on the continent. He explained that his own investment strategy was aimed at broadening participation, distributing wealth and improving 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.”
On allegations that his business activities amount to creating a monopoly, Dangote said he would remain focused on his objectives instead of allowing criticism to distract him.
He compared the situation to football, using Lionel Messi to illustrate the need for a player to concentrate on the ball rather than the spectators.
“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.
Dangote said businesses would inevitably face criticism, adding that accusations of monopoly would not deter him from pursuing his investment plans.
“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 stressed.
He maintained that the government had not given his companies exclusive rights to operate in any particular sector, insisting that opportunities remained open to investors 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.
Dangote illustrated his argument with a 100-metre race, saying investors who decided not to participate should not fault those who entered the competition and emerged victorious.
“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?” he asked.
He further argued that individuals and businesses must have confidence in Africa and invest in its development if they want to benefit from the continent’s economic potential.
“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 acknowledged that opposition and distractions would persist but said his businesses would remain focused on achieving their objectives.
He described Africa’s industrial development as a responsibility requiring commitment and determination, adding that he was prepared to make personal sacrifices in pursuit of that 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 also called for greater processing of Africa’s raw materials within the continent, saying local value addition would help retain more economic benefits and accelerate industrial development.
He suggested that African governments could eventually introduce policies to promote domestic processing once the benefits of adding value to raw materials before export become more evident.
“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.
