Just In: Dangote To Build 20,000 Megawatts Power Plant to End Nigeria Struggle with 4,000–4,500 MW Generation
Aliko Dangote, Africa’s richest businessman, says the Dangote Group is preparing to invest in large-scale power generation with a target capacity of up to 20,000 megawatts.
He made this known during an interview with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), on Wednesday.
“We are now going into power — 20,000 megawatts,” Dangote said.
Nigeria currently generates about 4,000 to 4,500 megawatts of electricity, despite having an installed capacity of over 13,000 megawatts, leaving a wide gap between supply and demand.
Dangote said the planned power investment will run alongside other major projects being developed by the group, including fertiliser production, liquefied natural gas (LNG), mining, agriculture, and port infrastructure.
He reflected on the early doubts surrounding his refinery project, noting that many did not believe it would succeed.
“At the time when I started this refinery, I had never seen crude oil in my life,” he said. “People openly said this refinery will never happen.”
The $20 billion Dangote Refinery, with a capacity of 650,000 barrels per day, is now producing refined petroleum products.
Dangote said the experience strengthened his resolve to continue investing in large-scale projects across Africa.
“How do we open up Africa? We will open Africa by demonstrating that we believe in Africa, by investing our money in Africa,” he said.
“Because if I don’t invest my own money, I can never go to any conference and convince people that Africa is a good place to invest. But right now, I have a voice, I have demonstrated that these things are possible.”
He also outlined expansion plans across multiple sectors, including fertiliser production, where capacity is expected to reach 12 million tonnes annually, positioning the company among the largest producers globally.
He added that the group is investing in mining operations for potash and phosphate in countries such as the Democratic Republic of Congo and Brazil, alongside a major deep-sea port project with an 18-metre draft.
Dangote said ongoing investments in LNG and agriculture are part of a broader strategy to address Africa’s infrastructure and industrial gaps.
“And the needs of Africa are petroleum products, fertilisers,” he said. “In about two and a half years, we will be the largest fertiliser company in the world.”
He added that improved cash flow and reduced asset constraints are enabling the group to pursue more ambitious investments.
“We are now actually free of assets, and we can raise more money. Our cash flow is very, very strong,” he said.
He said the investments are aimed at unlocking Africa’s economic potential, provided structural trade barriers across the continent are addressed.