Dangote commits over $10 billion to African power, considers steel fund shift
Dangote told Al Jazeera Monday he plans to invest over $10 billion in Africa's power sector, potentially by canceling one or two Dangote Group steel ventures. He linked this to transforming Africa in 3-4 years and ending electricity poverty for 600 million people.
According to Nairametrics, the investment would expand Dangote's existing energy footprint - which already includes 1,540MW for his Nigerian subsidiaries and a 435MW refinery plant. Africa's power gap persists despite Nigeria's reforms attracting $2B+ in private capital recently.
Dangote didn't specify countries, timeline, or exact deployment for the new funds, only noting they'd come from redirected business investments. Nigeria's Federal Government said March reforms spurred over $2B in fresh power-sector investment.
With 600 million Africans still lacking electricity per September Nairametrics data, will this massive private commitment finally bridge the continent's critical infrastructure gap - or join past announcements that stalled before breaking ground?