The President and Chief Executive of Dangote Industries Limited, Aliko Dangote has announced plans to invest in 10,000 megawatts of electricity generation across Africa, potentially including Nigeria, as part of an expanded investment programme that will raise his group’s commitment to the continent from $50 billion to about $70 billion by 2030.

He said inadequate electricity supply remained a major obstacle to industrialisation, business growth and job creation, particularly for small and medium-sized enterprises struggling with the cost of generating their own power.

Dangote disclosed the plans while addressing creative industry stakeholders from Northern Nigeria, including content creators, journalists, bloggers, entertainers and Kannywood stars.

He said the proposed power intervention would complement the expansion of electricity generation capacity for the group’s own operations under its Vision 2030 programme.

The industrialist disclosed that Dangote Industries currently generates almost 1,500 megawatts for its operations, a figure projected to increase to between 4,500 and 5,000 megawatts by the completion of the investment programme.

He clarified that the projected 10,000-megawatt intervention would be a separate initiative targeting electricity generation across Africa.

“We initially planned to invest $50 billion. We are now looking at increasing that to about $70 billion in Africa,” he said.

Dangote identified unreliable electricity and inconsistent government policies as major constraints discouraging investment, arguing that businesses dependent on petrol and diesel generators would find it increasingly difficult to remain profitable.

He said providing solar power for individual households and businesses would not resolve the wider electricity challenge, particularly for small and medium-sized enterprises that drive economic activity.

“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,” he said.

He called for a productive economy driven by investment, manufacturing and job creation, saying Nigeria must reduce its dependence on exporting raw materials and importing finished products at significantly higher costs.

Dangote identified agriculture and solid minerals as sectors with substantial investment opportunities, particularly in Northern Nigeria, but stressed the need for infrastructure development to support processing, manufacturing and exports.

He also highlighted the importance of ports and other infrastructure in opening markets for producers and enabling businesses to expand their operations.

“It is not only about us; it is about Nigeria and the African continent. We should not simply export raw materials and then buy back the processed products at many times the price. That is the pattern we want to change. Without production, we will continue to face economic difficulties. We must build a productive economy,” he said.

On the role of government in economic development, Dangote said its primary responsibility was to establish policies and conditions that would encourage businesses to invest, expand production and create employment opportunities.

He expressed confidence in Nigeria’s entrepreneurial potential, arguing that the country had yet to fully harness the opportunities presented by its large economy.

Sharing lessons from his business journey, he attributed the expansion of his group to focus, financial discipline and the consistent reinvestment of earnings.

He explained that the group’s transition from trading to manufacturing was built around products it already understood, with established customers, distribution networks and market knowledge providing a foundation for backward integration.

Dangote urged entrepreneurs to exercise caution in business decisions, particularly against spending anticipated profits or continuing ventures that were no longer commercially viable.

He encouraged smaller businesses to position themselves to benefit from major industrial investments by providing supplies, products and services.

Despite the challenges confronting businesses, he maintained that his group would continue investing in Africa, stressing that industrial expansion would create opportunities for other enterprises to grow alongside major investments.