The president of the Dangote Group, Aliko Dangote, has called out Nigeria’s low electricity output, describing it as unacceptable for a nation of over 200 million people.
During a recent media tour of the Dangote Refinery in Lagos, the billionaire industrialist emphasised that if his conglomerate can generate over 1,500 megawatts (MW) of power for its own operations, Nigeria should be aiming for at least 60,000 MW.
“It makes no sense that the entire country is generating just 4,500 to 5,000 MW. Our group alone generates more than 1,500 MW. Nigeria should be at 50,000 to 60,000 MW by now,” he stated.
Dangote highlighted the scale of his refinery project as proof that large-scale industrial development is possible in Nigeria.
He believes replicating similar efforts in the power sector is not only achievable but less complex than what his company has already accomplished.
“What we’ve built here is far more challenging than producing 30,000 MW of power. With the right policies and commitment, this is doable. And it should not be left to the government alone,” he said.
Related: Dangote to Construct Seaport as Next Phase of Industrial Expansion
He stressed that the power sector has already been privatised and called on wealthy Nigerians to stop sending money abroad. Instead, he urged them to reinvest in the country to foster growth and development.
“We need to stop taking our money abroad. If we don’t invest in our own economy and show confidence in our leadership, no one else will,” Dangote said.
He linked capital flight and hoarded stolen funds to the country’s stunted growth, criticizing individuals who hide embezzled money overseas.
“There’s corruption everywhere in the world, but many of those countries are still growing because their stolen funds are being reinvested locally. Our issue is that stolen money is hidden abroad, where it serves no one—not even the families of the thieves,” he added.
Looking ahead, Dangote also revealed plans to expand his company’s fertiliser production capacity to 12 million tonnes within the next 40 months, aiming to become the largest producer globally.
Image Credit: Punch Newspapers
