Africa’s foremost industrialist, Aliko Dangote, has unveiled ambitious plans to expand his business empire into large-scale electricity generation with a proposed 20,000-megawatt power project, a move that could dramatically reshape Nigeria’s troubled energy sector.
Dangote disclosed the plan during an interview with the managing director of the International Finance Corporation, Makhtar Diop, aired by CNBC Africa.
According to him, the new venture forms part of a broader industrial expansion strategy aimed at addressing critical shortages across Africa in energy, fertiliser production, logistics, and petroleum products.
“We are now going into power… 20,000 megawatts,” Dangote said, while highlighting the continent’s urgent need for stable electricity supply to drive industrialisation and economic growth.
If delivered, the proposed power capacity would surpass Nigeria’s current installed electricity generation capacity of about 13,000MW, much of which remains underutilised due to transmission constraints, gas shortages, and ageing infrastructure. Industry analysts say such an investment could significantly improve electricity availability for manufacturers, businesses, and households, while reducing the nation’s dependence on unreliable public power supply.
The billionaire businessman also revealed that the Dangote Group is aggressively expanding its footprint in the fertiliser and mining sectors. He said the company is targeting a production capacity of 12 million tonnes of urea annually within the next two and a half years, a move he believes will position the group as the largest fertiliser producer in the world.
Dangote disclosed that the company is also developing potash and phosphate mines in Congo and Brazil to strengthen raw material supply for fertiliser production. In addition, the conglomerate is constructing what he described as the largest deep-sea port in the region with an 18-metre draft, alongside investments in liquefied natural gas projects.
He attributed the aggressive expansion drive to the group’s improved financial position and strong cash flow generation.
“We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” he stated.
The latest announcement comes as the 650,000-barrel-per-day Dangote Petroleum Refinery continues to scale up operations, with projections aimed at reaching about 1.4 million barrels per day in future expansion phases.
Meanwhile, the refinery has denied reports suggesting an increase in the ex-depot price of Premium Motor Spirit, popularly known as petrol.
In a statement, Dangote Petroleum Refinery and Petrochemicals Limited clarified that its gantry price remains unchanged at N1,275 per litre, despite rising operational and global market pressures.
The company said it deliberately chose to absorb additional costs in order to maintain stability in the domestic fuel market, support affordability, and help moderate inflationary pressures across the economy.
According to the refinery, maintaining stable petrol prices is part of its broader commitment to national energy security and uninterrupted fuel supply amid ongoing uncertainties in the global oil market.
The refinery reaffirmed its dedication to supplying high-quality petroleum products to Nigerians and urged the public to rely only on official communications from the company regarding pricing and operational updates.
Economic observers say the refinery’s decision to maintain petrol prices could offer temporary relief to consumers and businesses already grappling with high transportation and living costs, while Dangote’s proposed investments in power and industrial infrastructure may further position the group as a dominant force in Africa’s economic transformation.
