Aliko Dangote, Africa’s richest man and President of the Dangote Group, has said Nigeria’s electricity output is far too low. He made this statement during a tour of the Dangote Refinery in Lagos. According to him, if one company can generate 1,500 megawatts for its own use, the country should be doing much more.
Dangote believes Nigeria should be producing at least 50,000 to 60,000 megawatts. Right now, the country generates only about 4,500 to 5,000 megawatts. He said this level is not enough for a nation of over 200 million people.
The billionaire pointed out that his refinery project is proof that big projects can succeed in Nigeria. He believes similar success is possible in the power sector. He added that increasing electricity generation is not as hard as building the refinery.
Dangote stressed that solving the power crisis is not the government’s job alone. The power sector has already been privatised. He called on private companies and wealthy individuals to invest more in the country.
He urged Nigerian investors to stop sending money overseas. Instead, they should invest in the local economy. He said this will help build the country and boost confidence in the system.
Dangote linked capital flight to poor economic growth. He said stolen funds taken abroad do not benefit anyone. According to him, the money isn’t used by those who take it, and it doesn’t help the local economy.
Looking ahead, Dangote plans to grow his fertiliser business. He aims to become the world’s largest producer in 40 months. His goal is to reach 12 million tonnes in annual production.
