By Ali Elias
“There are lots of countries that have more corruption than we do, but they are growing. Our biggest problem and challenge is that people who have stolen money have taken the money abroad,”
Aliko Dangote, President of the Dangote Group, has raised pointed concerns over Nigeria’s low electricity generation capacity, arguing that a country of over 200 million people and Africa’s largest economy should not be producing just 4,500 to 5,000 megawatts (MW) of electricity.
Speaking during a tour of the multi-billion-dollar Dangote Refinery in Lagos, Dangote highlighted the energy footprint of his conglomerate, which generates over 1,500 MW for internal use alone. He insisted Nigeria should be producing between 50,000 and 60,000 MW to meet demand and drive economic transformation.
“We as a company alone are producing, group-wide for our own consumption, over 1,500 MW. So, Nigeria should not be three times what we are producing as a country. Nigeria should be at about 50,000 MW to 60,000 MW,” Dangote said.
The business mogul stressed that the refinery project, one of the largest of its kind globally, is proof that industrial feats are achievable within Nigeria’s borders — including ambitious energy goals. “What we have done here just shows that there’s nothing impossible. All this can be replicated in our power sector. There’s no reason why Nigeria should be doing 5,000 MW,” he said.
Dangote noted that building the refinery was more challenging than generating 30,000 MW of electricity, if only the will and investment exist. He challenged Nigeria’s affluent class to stop expatriating wealth and instead invest in critical infrastructure like power.
“What we have actually done here is much more difficult than making Nigeria 25,000 or 30,000 megawatts of power, with transmission and distribution. But it’s not the work of government alone,” he emphasized.
Recalling that the power sector had been privatised, he urged entrepreneurs and investors to seize the opportunity. “We have already asked the government to leave the sector. It’s supposed to be privatised. They have privatised it.”
He continued: “We, the private sector, Nigerians, most especially us, should stop taking our money abroad and invest the money here to make sure that we develop our own country and continent, because without us showing the confidence that, yes, we have confidence in our own economy and the leadership of the country, foreigners will not come.”
Dangote condemned capital flight, linking it to Nigeria’s underdevelopment and low investment levels. “There are lots of countries that have more corruption than we do, but they are growing. Our biggest problem and challenge is that people who have stolen money have taken the money abroad,” he said.
“So, the money has no use to them; it has no use to their family because they cannot show their family that they have stolen money. And they are not investing here to grow the domestic economy.”
Looking ahead, Dangote disclosed plans to make Nigeria a global fertiliser hub. “In the next 40 months, I plan to become the largest fertiliser producer in the world by raising production to about 12 million tonnes,” he said.
Dangote’s remarks come at a time when many Nigerians are grappling with erratic electricity supply, diesel dependence, and growing frustration over the slow pace of power reform. His call for private sector-led infrastructure development resonates deeply with the broader African challenge of underinvestment and capital flight.
If the continent’s wealthiest elites follow Dangote’s lead and reinvest their wealth into productive sectors at home, Africa could fast-track industrialisation and reduce reliance on foreign aid or external debt.