Jelili Gbadamosi
Africa’s industrialisation drive could remain constrained unless the continent addresses its electricity deficit, billionaire businessman Aliko Dangote has said, announcing plans by his business group to invest more than $10 billion in the power sector.
Dangote made the disclosure during an interview with Al Jazeera, where he identified unreliable electricity and frequent changes in government policies as major obstacles to investment and industrial development across Africa.
The industrialist said his group was considering shifting funds earmarked for some planned investments, including steel, into electricity generation and other power-related projects.
According to him, the proposed investment is aimed at helping to address Africa’s energy challenges while creating an environment capable of supporting industrial expansion.
“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,” Dangote said.
“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.”
Dangote argued that electricity remained fundamental to economic growth, noting that the continent would struggle to achieve sustainable development without reliable power.
“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 said.
He also urged African countries to strengthen local manufacturing and processing, warning that dependence on imported goods could become increasingly difficult to sustain.
“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,” he said.
The businessman said Africa should process more of its raw materials locally before exporting them, arguing that greater value addition within the continent would help create jobs and strengthen local industries.
Dangote further identified inconsistent government policies as another factor affecting investment decisions, saying policy uncertainty, alongside poor electricity supply, could discourage businesses from committing capital to the continent.
He nevertheless said investors willing to take risks in Africa could play an important role in expanding industries and creating employment opportunities.
On allegations of monopoly involving his businesses, Dangote said his companies had not received exclusive government approval to operate in any sector.
He likened competition in business to a 100-metre race, saying those who chose not to participate should not blame competitors who entered the market and succeeded.
Despite criticism of his business activities, Dangote said his group would continue pursuing its long-term objectives.
“The distraction will continue. But we have what you call a very thick skin,” he said.
He added that the group remained committed to its broader objective of contributing to Africa’s industrial development.
