By Agbonavbare Victor Omoregbe
Africa’s richest man, Aliko Dangote, has said his conglomerate plans to invest over $10bn in the power sector to address the electricity crisis in Nigeria and drive industrialization.
Dangote stated this during an interview where he identified inconsistent government policies and inadequate electricity supply as major challenges discouraging Africans from investing in the continent.
He disclosed that the group is considering redirecting funds from certain businesses, including steel, towards electricity generation and other power-related investments.
He expressed concern that more than 600 million Africans continued to live without electricity, describing the situation as one that the continent must address.
The industrialist linked electricity supply to economic development and argued that governments that successfully deliver power to their citizens may not need to go for campaigns again during elections.
He said Africa would be unable to create jobs and achieve sustainable economic growth without industrialization, stressing that the continent must reduce its dependence on imported goods.
According to the businessman, a growing number of investors are showing interest in supporting African businesses because of the opportunities available on the continent. He added that his investment approach was focused on spreading wealth, expanding participation in businesses and strengthening corporate governance.
Responding to accusations that his business activities were creating a monopoly, Dangote said he would remain focused on his objectives rather than be distracted by his critics.
He said the government had not granted his businesses exclusive rights to operate in any sector, maintaining that opportunities were available to investors who were willing to participate.
Using a 100-metre race as an illustration, Dangote said investors who had chosen not to participate should not blame those who entered and won.
The businessman added that businesses and individuals needed to believe in Africa and invest in its development if they want to benefit from the continent’s economic opportunities.
Addressing his critics, Dangote said opposition and distractions would continue but maintained that his businesses would remain committed to their objectives.
He said he considered the industrial development of Africa a responsibility that required determination, adding that he was willing to make personal sacrifices towards achieving the goal.
Dangote further called for increased processing of Africa’s raw materials within the continent, arguing that local value addition would help retain economic benefits and promote industrial development.
He added that African governments could eventually adopt measures to encourage local processing once the continent demonstrated the benefits of transforming raw materials before exporting them.