. Sets to invest $10bn in Africa’s power sector
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has reaffirmed the Dangote Group’s unwavering commitment to Africa’s industrial transformation, wealth creation, and long-term economic development.
He said that the ongoing Dangote Petroleum Refinery Initial Public Offering (IPO) represents a unique opportunity for Africans to participate directly in the continent’s most ambitious industrial project.
Speaking during an interview with Bloomberg Television, Aliko Dangote said the Dangote Refinery IPO is not merely a capital-raising exercise but part of a broader vision to democratise ownership of strategic African assets and create sustainable value for millions of investors across the continent.
According to him, the refinery’s public offering gives ordinary Africans and institutional investors alike the opportunity to become shareholders in a world-class enterprise that is helping to redefine Africa’s energy future.
He noted that broadening ownership of the refinery is as important as expanding its operational capacity because it enables more Africans to participate in the wealth generated by the continent’s largest industrial investments.
“For decades, Africa’s most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent. It is about creating value, expanding prosperity, and building generational wealth for our people,” said Aliko Dangote.
The foremost industrialist emphasised that the refinery was conceived as an African solution to Africa’s longstanding energy challenges and forms a critical part of the Dangote Group’s mission of reducing the continent’s dependence on imports while strengthening local production capabilities.
He said that the Group remains focused on building industries that support economic self-sufficiency, create jobs, stimulate foreign exchange earnings, and drive sustainable development across Africa.
Dangote disclosed that the company plans to further expand the refinery’s capacity from its current 700,000 barrels per day to 1.4 million barrels per day over the coming years, positioning it among the largest refining complexes globally and significantly improving Africa’s ability to meet its own energy requirements.
He added that proceeds from the ongoing IPO will support this ambitious expansion programme.
The billionaire entrepreneur also revealed that the Dangote Petroleum Refinery intends to seek a listing on the New York Stock Exchange after completing its next phase of expansion, a move designed to deepen access to international capital while showcasing Africa’s industrial potential to global investors.
Speaking on investor confidence, Dangote noted that the strong demand recorded during the refinery’s private placement demonstrated both domestic and international belief in the project’s future.
He stressed that the Group deliberately limited the amount raised during the private placement to encourage broader ownership and participation by a wider cross-section of Africans.
“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. This IPO is another step towards achieving that vision,” he stated.
He underscored that Africa possesses the resources, talent, and market potential required to compete with the world’s leading economies, stressing that industrialization remains the surest path to economic prosperity.
He maintained that investments in sectors such as refining, petrochemicals, cement, fertilizer, and manufacturing would continue to drive the continent’s economic renaissance.
The ongoing Dangote Petroleum Refinery IPO, described as the largest public share offering in Africa’s history, has generated significant interest from investors, policymakers, market analysts, and development institutions who see the offering as a landmark moment for Nigeria’s capital market and Africa’s industrial growth story.
Meanwhile, Dangote, has said he plans to invest more than $10bn in the power sector over the next few years to help address Africa’s electricity deficit.
Dangote disclosed this in an interview with Al Jazeera uploaded to its website on Monday, where he said access to reliable electricity was critical to economic growth and development across the continent.
He said the investment would form part of efforts to drive a major transformation in Africa over the next three to four years.
He said, “I’m telling you, in the next, three, four years, there will be a major transformation in Africa. And that’s why we’re looking at power, for example.”
Explaining the planned investment, Dangote said, “We are going to invest in power. We want to, actually, there is one or two businesses that we might cancel, like steel, and we will put in the money. We want to invest over $10 billion alone in power.”
Dangote said Africa’s electricity deficit remained a major obstacle to development, noting that more than 600 million Africans were still without access to electricity.
He said, “It is something that we Africans should not really allow. Over 600 million of our people to remain in darkness.”
The businessman also linked access to electricity with the performance of political leaders, arguing that delivering reliable power could reduce the need for politicians to campaign extensively for re-election.
He said, “You know, as some politicians, if they work hard, they have a plan, when you deliver power, you don’t need to go for campaign when you’re going for the election.”
Dangote stressed that electricity was fundamental to economic growth and industrial development.
He said, “So power is key. We will never, ever create growth without power.”
“So that’s why they say, power is growth,” he added.
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