President and Chief Executive, Dangote Industries Limited, Aliko Dangote, has disclosed plans to increase the group’s investment programme in Africa from $50 billion to about $70 billion, under its Vision 2030.
Dangote made the disclosure at an interactive session with selected Northern journalists and creative industry stakeholders during a visit to Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lekki, Lagos, on Thursday.
Dangote said expanding production, creating jobs and providing reliable electricity were essential to unlocking Nigeria’s economic potential and achieving the $ 70bn investment ambition.
The Africa’s richest person also disclosed that the initial investment target was $50 billion but decided to rise it to $70 billion.
“We initially planned to invest $50 billion. We are now looking at increasing that to about $70 billion in Africa,” he said.
He also identified inadequate power supply as a major obstacle to the survival of small and medium-sized enterprises, warning that businesses dependent on petrol and diesel generators would struggle to remain profitable. Dangote said the group was considering a 10,000-megawatt power programme across Africa, potentially including Nigeria, alongside an expansion of the generating capacity dedicated to its own operations.
Explaining the ambition behind Vision 2030, Dangote said African businesses must take greater responsibility for investing in the continent and addressing the infrastructure constraints that discourage other investors.
According to him, inconsistent government policies and unreliable electricity remain significant barriers to investment. He said the group had largely addressed the power challenge within its operations by generating its own electricity.
“Across the group, we currently have almost 1,500 megawatts. By the time we complete Vision 2030, that could rise to between 4,500 and 5,000 megawatts,” he said. “That is captive power—electricity for our own operations. Separately, part of the vision is to intervene in power generation with 10,000 megawatts across Africa, potentially including Nigeria.”
Responding to a question about the economic decision that would most improve the lives of ordinary Nigerians, Dangote placed electricity at the centre of the country’s development needs. He argued that individual households and companies installing alternative power systems would not, by itself, resolve the wider economic problem.
“Installing solar power for yourself does not mean the wider problem has been solved. Other people may not have that option,” he said. “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.”
Dangote expressed confidence in Nigeria’s entrepreneurial strength, saying the country had yet to realise the full benefits of its large and dynamic economy. He said businesses had a responsibility to invest and create opportunities, while government should concentrate on providing policies and conditions that allow enterprises to grow.
“Government’s principal responsibility is to create an enabling environment through good policies. With the right policies, businesses can invest and create jobs,” he said.
The industrialist identified agriculture and solid minerals as areas with substantial potential, particularly in Northern Nigeria, but stressed that the country must move beyond exporting unprocessed resources. He said investment in infrastructure, including ports, could open markets for other producers and make it easier for businesses to develop and export their products.
“It is not only about us; it is about Nigeria and the African continent,” he said. “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.”
Sharing lessons from his business career, Dangote attributed the group’s expansion to focus, financial discipline and the consistent reinvestment of earnings. He said the transition from trading to manufacturing was built around products the group already understood, supported by established customers, distribution networks and market knowledge.
“The logical next step was backward integration: producing the things we were already importing,” he said.
Dangote also urged entrepreneurs to avoid spending anticipated profits and to recognise when a venture was no longer commercially viable.
“Give it your best effort, but when you do the numbers and they are not adding up, you must be willing to leave,” he said.
Despite the challenges facing businesses, he maintained that the group would continue investing and encouraged smaller enterprises to build opportunities around major industrial projects.
“People like us will continue investing. People like you can build businesses around those investments—as suppliers, producers and service providers,” he said.
