Africa’s richest man, Aliko Dangote, has announced plans by his conglomerate to invest more than $10 billion in Nigeria’s power sector to address electricity challenges and support industrialisation.

Dangote made the disclosure during an interview with Al Jazeera, identifying inadequate electricity supply and inconsistent government policies as major factors discouraging investment across Africa.

The industrialist said the group was considering redirecting funds from some businesses, including steel, into electricity generation and other power-related projects.

According to him, the planned investment could be made over the next three to four years as part of efforts to transform the continent’s power sector.

Dangote also expressed concern that more than 600 million Africans still lack access to electricity, stressing that reliable power supply is essential for economic growth.

He called on African governments to prioritise electricity, arguing that without adequate power, the continent would struggle to achieve sustainable economic development.