For decades, Africa’s development story has been constrained by a problem that sits at the heart of almost every modern economy: electricity.
Now, Africa’s richest man, Aliko Dangote, says his business empire is preparing to put billions of dollars behind tackling that problem.
The President of Dangote Group has revealed plans to invest more than $10 billion in Africa’s power sector over the next three to four years, saying the group is prepared to redirect money from some planned businesses into electricity projects.
Dangote disclosed the plan in an interview with Al Jazeera published on Monday, describing reliable power as a critical foundation for the continent’s next phase of economic transformation.
According to him, the scale of the planned investment reflects the importance of electricity to Africa’s industrial and economic future.
“The next, three, four years, there will be a major transformation in Africa. And that’s why we’re looking at power, for example,” Dangote said.
Steel Investment Could Give Way to Power
In outlining the strategy, Dangote disclosed that the group was considering cancelling one or two planned businesses and diverting the funds into power generation and related projects.
One of the investments he specifically mentioned was steel.
“We are going to invest in power. And we want to, actually, there are one or two businesses that we might cancel, like steel, and we will put in the money. We want to invest over $10 billion alone in power,” he said.
The proposed shift signals the scale of importance Dangote attaches to electricity as the group considers where to deploy capital across its expanding African operations.
‘Over 600 Million Africans Remain in Darkness’
For Dangote, the argument for investing in power goes beyond business.
He pointed to Africa’s persistent electricity deficit, saying more than 600 million people on the continent still lack access to electricity.
He described that reality as unacceptable for a continent seeking faster industrialisation and broader economic development.
“It is something that we Africans should not really allow. Over 600 million of our people to remain in darkness,” Dangote said.
The businessman argued that closing Africa’s power gap could have effects far beyond household electricity.
Reliable power, he said, would strengthen industries, encourage investment, improve productive capacity and create the conditions for businesses to expand.
A Bigger Bet on Africa’s Industrial Future
Dangote’s proposed power investment comes as his conglomerate continues to pursue large-scale industrial projects across Africa.
The group is already at the centre of Nigeria’s refining transformation through the Dangote Petroleum Refinery, which is seeking to expand its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029. Reuters reported that the refinery’s expansion is estimated at about $14.3 billion.
Dangote has also spoken publicly about using his businesses to reduce Africa’s dependence on imported products and build greater self-sufficiency. In his latest Al Jazeera interview, he again framed his ambitions around making Africa less reliant on imports.
The proposed power investment would take that strategy into another critical area.
The Question Africa Has Struggled to Answer
Africa has vast natural resources, a rapidly growing population and expanding industrial ambitions. But inadequate and unreliable electricity remains a major constraint on businesses and households in many countries.
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For manufacturers, unreliable power can mean higher production costs. For small businesses, it can determine whether an enterprise survives. Meanwhile, for investors, the availability and reliability of electricity can influence where capital is deployed.
That makes Dangote’s proposed $10 billion-plus commitment significant not simply because of its size, but because of the sector he has chosen to prioritise.
For now, the investment remains a plan rather than completed expenditure. But Dangote’s comments suggest that power could become one of the group’s most significant areas of investment over the next several years — potentially reshaping how the conglomerate deploys capital across the continent.