President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has disclosed plans to increase the group’s investment programme in Africa from $50 billion to about $70 billion under its Vision 2030, with a major intervention in power generation that could reach 10,000 megawatts across the continent, potentially including Nigeria.
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Dangote said the planned expansion was aimed at increasing production, creating jobs and addressing infrastructure challenges, particularly inadequate electricity supply, which he identified as a major obstacle to industrial growth and the survival of small and medium-sized enterprises.
He spoke while addressing creative industry stakeholders from Northern Nigeria, including content creators, journalists, bloggers, entertainers and Kannywood stars.
“We initially planned to invest $50 billion. We are now looking at increasing that to about $70 billion in Africa,” Dangote said.
Explaining the Vision 2030 plan, he said African businesses must take greater responsibility for investing in the continent and addressing infrastructure constraints that discourage investment.
Dangote identified inconsistent government policies and unreliable electricity as major barriers to investment, noting that his group had largely addressed the power challenge within its operations by generating its own electricity.
“Across the group, we currently have almost 1,500 megawatts.
“By the time we complete Vision 2030, that could rise to between 4,500 and 5,000 megawatts,” he said.
He explained that the projected capacity would serve the group’s own operations.
“That is captive power, electricity for our own operations.
“Separately, part of the vision is to intervene in power generation with 10,000 megawatts across Africa, potentially including Nigeria,” he added.
Dangote placed electricity at the centre of Nigeria’s development needs, arguing that reliable power remained essential to the growth of small and medium-sized enterprises.
He said individual households and companies installing alternative energy systems would not by itself resolve the wider economic challenge.
“Installing solar power for yourself does not mean the wider problem has been solved. Other people may not have that option,” he said.
According to him, SMEs remained central to economic activity, while high energy costs continued to undermine their profitability.
“A vibrant economy is driven by small and medium-sized enterprises. Large companies such as ours help sustain those businesses, but SMEs are essential to economic activity.
“When you generate electricity using diesel or petrol, it becomes very difficult to make money,” Dangote said.
He expressed confidence in Nigeria’s entrepreneurial capacity, saying the country had yet to fully realise the benefits of its large and dynamic economy.
Dangote said businesses had a responsibility to invest and create opportunities, while government should focus on providing the policies and conditions required for enterprises to grow.
“Government’s principal responsibility is to create an enabling environment through good policies. With the right policies, businesses can invest and create jobs,” he said.
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