Billionaire industrialist and President of Dangote Group, Aliko Dangote, has called for urgent reform and massive investment in Nigeria’s power sector, arguing that Africa’s largest economy should be generating at least 60,000 megawatts (MW) of electricity.
Speaking during a recent tour of the Dangote Refinery in Lagos, Dangote expressed disappointment at the nation’s low power output, which has stagnated between 4,500 MW and 5,000 MW, despite its huge economic potential.
“As a company, we are already producing over 1,500 MW for our internal operations alone,” Dangote said.
“Nigeria should not be three times what we are doing; it should be around 50,000 MW to 60,000 MW.”
Dangote: Refinery proves large-scale projects are possible
Dangote highlighted the completion of the multi-billion dollar refinery as evidence that large-scale industrial projects are achievable in Nigeria, including in the power sector.
“What we have done here shows there’s nothing impossible. This can be replicated in the power sector. There’s no reason Nigeria should still be doing just 5,000 MW,” he added.
He argued that expanding Nigeria’s power generation to at least 30,000 MW would be easier than building the massive refinery complex.
“Building power plants and improving transmission is much easier. But it should not be left to government alone,” Dangote stressed.
Private sector must invest at home, not abroad
Dangote urged wealthy Nigerians and private investors to stop moving capital overseas and instead invest locally to boost economic growth and job creation.
“We, the private sector, should stop taking our money abroad. Let’s invest it here to build the economy. Foreigners will only invest when they see us showing confidence in our own country,” he said.
He also criticised the impact of capital flight, arguing that funds kept abroad do nothing to help Nigeria’s economy.
“People who have stolen money take it abroad. The money then becomes useless because it isn’t invested here to create jobs and growth,” he stated.
Corruption isn’t the only problem
Dangote acknowledged corruption as a challenge but insisted the bigger issue is that stolen funds are often hidden abroad instead of being reinvested locally.
“There are countries more corrupt than Nigeria, yet they still grow because the money remains in the domestic economy,” he noted.
Dangote’s call to action
With Nigeria’s power sector already privatised, Dangote called on local businesses and investors to drive real change by funding new power plants, transmission infrastructure, and distribution networks, rather than waiting for government intervention.
“It is time for Nigerians to show confidence in our economy. If we invest here, we all benefit,” Dangote concluded.
