President of Dangote Group, Aliko Dangote, says he plans to invest more than $10 billion in the power sector over the next three to four years as part of efforts to address Africa’s electricity deficit.
Dangote disclosed this in an interview with Al Jazeera published on Monday, saying reliable electricity was critical to economic growth and industrial development across the continent.
He said the planned investment would form part of what he expects to be a major transformation in Africa over the next three to four years.
Dangote said his group was considering cancelling one or two businesses, including steel, in order to redirect funds into power investments.
He said more than 600 million Africans still lack access to electricity, describing the situation as a major obstacle to the continent’s development.
Dangote also linked reliable electricity to economic and political outcomes, saying leaders who deliver dependable power would have less need to rely on extensive campaigns for re-election.
He stressed that electricity was fundamental to economic growth and industrialisation, saying Africa could not achieve sustained growth without adequate power supply.
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