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Africa’s richest man, Aliko Dangote, has revealed that he will invest over $10 billion dollars in the coming years to address Nigeria’s electricity crisis and drive industrialization.
He expressed this in an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major challenges that discourage Africans from investing in the continent.
He revealed that the group was considering diverting funds from certain businesses, including steel, to power plants and other electricity-related investments.
“And I’m telling you in the next three to four years, there’s going to be a major transformation in Africa, and that’s why we’re looking at energy. We’re going to invest in energy. There’s one or two businesses that we might cancel, like steel, and we’re going to put the money into energy. We want to invest more than $10 billion in energy alone.”
He expressed concern over the more than 600 million Africans who continue to live without electricity, and described the situation as something the continent must address, saying, “We, the African people, must not allow our more than 600 million people to remain in the dark.”
This businessman linked electricity supply to economic development and argued that a government that was successful in delivering electricity to its citizens might not need to campaign again in elections.
“You know, if some politicians work hard and have a plan, when you give them power, you don’t have to campaign when you have elections. Power is the key; we will never create growth without power. That’s why they say power is growth. When I say power, I mean power is growth.”
He said Africa would not be able to create jobs and achieve sustainable economic growth without industrialization, and stressed that the continent must reduce its dependence on imported goods.
Regarding what some people say about not investing in Africa, he said, “The problem is, it takes two to tango. I think in the past, there was a lot of changing government policies. Government policies changed every day, and then, electricity shortages happened too. It’s very important for countries in Africa to do the same.”
“So these two problems have not gone away. They still exist. But for those of us who are really serious, we are here, and we know that without our intervention, Africa will never be able to create jobs. If there is no industrialization, how can you create jobs? You can’t,” he said.
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Dangote warned that Africa will eventually lack the financial resources to continue importing consumer goods, so the development of local industry and production is necessary for the continent’s future.
“One day we will not have the money to import what we consume. So how can we remain an import continent? This has to change. But that change can only happen when African people believe in Africa, and they invest in Africa,” he said.
According to the entrepreneur, more and more investors are showing interest in backing businesses in Africa because of the opportunities available on the continent. He added that his investment approach is focused on spreading wealth, expanding participation in the corporate world, and strengthening corporate governance.
“We want to make sure that it’s about spreading the wealth. It’s about getting more people into the business. It’s also about corporate governance. So that’s the direction.”
Responding to accusations that his business activities created a monopoly, Dangote said he would remain focused on his goals rather than be distracted by criticism of him.
He gave the example of soccer star Lionel Messi, explaining that a player should concentrate on the ball rather than the crowd when playing.
“Well, do you know, if I want to listen to that, have you ever seen a footballer looking at the crowd? He has to keep looking at the ball. If I were Messi, for example I kicked the ball, and I looked at the crowd, do you think I wouldn’t miss the ball? I would miss the ball,” he said.
Dangote believes that the public is not always satisfied with business activities, and accusations of monopoly will not stop him from pursuing his investment plans.
“If I want to make my continent great and people want to call me a monopoly for no reason, so be it. I mean, it won’t take the color off my face or anything. You can call me whatever you want to call me; I’m not stopping anyone; this is an opportunity given to everyone, we all have that opportunity whether Africans, foreigners or whoever,” he stressed.
He said the government did not give his businesses exclusive rights to operate in any sector, arguing that opportunities were available for investors willing to participate.
“There’s nothing that the government has given us and said, ‘this is just for Dangote’. The government will make a policy around a sector, and they will whistle and say, ‘Yes, this is it,” he said.
Using an illustration of a 100 meter race, Dangote said investors who chose not to participate should not blame those who entered and won.
“If there was a 100 meter race, some people were on the bench while I was on the track, and I agreed to run the race, and I won the race by myself, would you blame me or would you blame the person who was just sitting on the bench?” he asked.
The businessman added that businesses and individuals need to believe in Africa and invest in its development if they want to benefit from the continent’s economic opportunities.
“They are not ready, they are not ready, they don’t even believe in Africa itself. If you don’t invest, you won’t get the results of the hard work,” he answered those who accused him of monopoly.
