DANGOTE TARGETS $10BN POWER INVESTMENT TO DRIVE AFRICA’S INDUSTRIAL GROWTH

Dangote Industries Limited President and Chief Executive Officer, Aliko Dangote, says his group plans to invest more than $10 billion in the power sector over the next three to four years, as he called reliable electricity critical to Africa’s economic transformation.

He said the planned investment reflects the importance of electricity to industrial development and efforts to address Africa’s power deficit.

“We want to invest over $10 billion alone in power,” Dangote said, explaining that the group could redirect funds from some businesses towards the planned investment.

Dangote also highlighted the scale of Africa’s electricity challenge, saying more than 600 million Africans remain without access to electricity.

Power at the centre of Industrialisation

For Dangote, reliable electricity is not only an infrastructure issue but a foundation for economic growth, manufacturing and industrial expansion. “Power is key. We will never, ever create growth without power,” he said.

The proposed investment comes as African economies continue to face the challenge of expanding electricity access while supporting industries that require dependable power supplies. Dangote said he expects significant transformation across Africa within the next three to four years, with power forming part of the group’s strategy.

Fertiliser business targets 2028 IPO

Beyond power, Dangote also outlined plans to expand his fertiliser business and take it public in 2028. He said the company is increasing urea production from three million tonnes to 12 million tonnes, while developing potash and phosphate mines and adding 2.2 million tonnes of DAP production. According to Dangote, the expansion could allow the business to supply more than 40 per cent of Africa’s fertiliser demand, while improving availability throughout the year. He said the fertiliser business would pursue an IPO in 2028 and become what he described as the world's largest fertiliser company.

Refinery expansion

Dangote also disclosed plans to expand the Dangote Petroleum Refinery from its current 700,000 barrels per day capacity to 1.4 million barrels per day. The expansion is expected to be completed by the first quarter of 2029, according to the report. The company also plans to seek a listing on the New York Stock Exchange after completing the next phase of the refinery’s expansion. Dangote said the refinery’s planned IPO is intended to broaden African participation in ownership of strategic industrial assets. “Our objective has always been bigger than building a refinery. We want to create institutions that will outlive us, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent,” he said. The planned investments place power, fertiliser production and petroleum refining at the centre of Dangote Group’s wider industrial expansion strategy across Africa.