Dangote Plans $70 Billion Investment with Power Initiative

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, announced an increase in the group's investment program in Africa from $50 billion to approximately $70 billion as part of its Vision 2030. This plan includes a significant intervention in electricity generation, targeting 10,000 megawatts across Africa, potentially including Nigeria.

Dangote made this announcement while addressing stakeholders from the creative industry during a visit to the Dangote Petroleum Refinery and Petrochemicals and Fertiliser plant in Lekki, Lagos. He emphasized the need for reliable electricity to unlock Nigeria's economic potential and identified inadequate power supply as a major challenge for small and medium-sized enterprises.

Dangote noted that the group currently generates almost 1,500 megawatts of electricity for its operations, which could rise to between 4,500 and 5,000 megawatts by the completion of Vision 2030. He stressed that a vibrant economy relies on small and medium-sized enterprises and that businesses must invest to create opportunities.