Dangote Plans 20,000MW Power Expansion, Defends Refinery

Aliko Dangote, Africa's richest businessman, announced plans to expand power generation capacity to 20,000 megawatts and defended his $20 billion investment in a refinery during a podcast with Makhtar Diop, Managing Director of the International Finance Corporation. Dangote criticized Nigeria's long-standing dependence on imported petroleum products despite being a major crude oil producer, stating that the refinery aims to process 2.4 million barrels per day.

He revealed that the refinery has stabilized at processing 650,000 barrels per day over the last two months. Dangote highlighted the importance of reliable electricity for Africa's industrialization and mentioned his group's focus on addressing critical infrastructure gaps, including building the largest deep-sea port for liquefied natural gas (LNG).

He also criticized barriers to free movement across Africa, which he sees as a major obstacle to growth. Dangote's vision includes significant investments in energy, agriculture, and infrastructure to transform the continent's economy.