Dangote Set To Redirect Billions Into Power, May Abandon Steel Investment

President of the Dangote Group, Aliko Dangote, has announced plans to invest more than $10 billion in Africa’s power sector over the next three to four years, while revealing that the conglomerate may cancel some proposed businesses and redirect the funds into electricity projects.

Dangote disclosed the plan during an interview with Al Jazeera, where he identified inadequate electricity supply as one of the major obstacles to Africa’s economic development.

According to Bush Radio Academy, Dangote said the coming years could witness significant economic transformation across the continent, with reliable electricity expected to play a central role in supporting that growth.

He explained that the Dangote Group was considering redirecting funds initially earmarked for some planned ventures into power generation and related projects.

Among the businesses that could be affected, Dangote specifically mentioned steel, saying the group was considering cancelling the proposed investment and channeling the funds into the power sector.

He said the company intends to invest more than $10 billion in electricity alone, describing the planned spending as part of its broader strategy to support Africa’s economic transformation.

Dangote also highlighted the continent’s electricity deficit, noting that more than 600 million Africans still lack access to electricity.

He described the situation as a major development challenge and argued that Africa could not afford to leave such a large portion of its population without reliable access to power.

According to him, improving electricity supply would have an impact beyond households, as dependable power would strengthen industrial production, encourage investment and support broader economic growth.

Dangote’s latest announcement signals a potential shift in the group’s investment priorities, with the company considering greater focus on the power sector as it seeks to contribute to addressing Africa’s longstanding electricity shortage.