Dangote raises Africa investment programme to $70 billion
By the AFREEQUE newsroom, based on ThisDay
Dangote Industries is raising its Africa investment programme from $50 billion to $70 billion under its Vision 2030 plan, including a 10,000-megawatt electricity component. Aliko Dangote, speaking to creative industry stakeholders in northern Nigeria, warns that businesses dependent on petrol and diesel generators will struggle to remain profitable, according to a group statement issued on Wednesday.
Aliko Dangote, chairman and chief executive of Dangote Industries Limited, a Nigerian industrial group, announced that its Africa investment programme under Vision 2030 could rise from $50 billion to about $70 billion. It includes an intervention in electricity generation to support industrial activity, the businessman said in a group statement cited by ThisDay.
Dangote Industries is considering a programme of up to 10,000 megawatts of electricity generation across Africa, with Nigeria among the countries potentially concerned. The group currently has nearly 1,500 megawatts for its own operations and plans to increase this capacity to 4,500-5,000 megawatts upon completion of Vision 2030, according to Aliko Dangote.
Aliko Dangote warned that small and medium-sized enterprises dependent on petrol or diesel generators would struggle to remain profitable. He also said increased production, job creation and improved electricity supply were essential to addressing Nigeria’s economic and security constraints.
The group believes African businesses need to invest more in the continent’s infrastructure. Aliko Dangote cited inconsistent public policies and weak electricity supply among the obstacles to private investment.
