Dangote Announces Plan To Cancel Major Investment Plan

The President of Dangote Group, Aliko Dangote, has revealed plans to invest more than $10 billion in Africa’s power sector over the next three to four years, and to cancel a major investment.

He disclosed this in an interview with Al Jazeera uploaded on Monday, saying the investment would form part of efforts to support a major economic transformation across the continent, Naija News reports.

Dangote said electricity would be a key part of Africa’s development, adding that his group was ready to redirect funds from some planned businesses into power projects.

“The next, three, four years, there will be a major transformation in Africa. And that’s why we’re looking at power, for example,” he said.

Explaining the investment plan, Dangote said the group could cancel some proposed businesses, including steel, and channel the funds into electricity.

“We are going to invest in power. We want to, actually, there are one or two businesses that we might cancel, like steel, and we will put in the money. We want to invest over $10 billion alone in power,” he said.

Dangote identified the shortage of electricity as one of Africa’s major development challenges.

He noted that more than 600 million Africans still lack access to electricity, describing the situation as unacceptable.

“It is something that we Africans should not really allow. Over 600 million of our people to remain in darkness,” Dangote said.

He said expanding access to reliable electricity would go beyond providing power to homes, as it would also support industrial activities, attract investment and drive wider economic growth.