- Aliko Dangote says reliable electricity, long-term financing and supportive industrial policies are essential to expanding Africa’s manufacturing capacity.
- His planned $50 billion investment programme for 2026–2030 comes amid concerns over power shortages, financing constraints and currency risks facing industrial projects.
Aliko Dangote has urged African countries to expand reliable electricity supply, improve access to long-term financing and strengthen industrial policies to accelerate manufacturing.
The President and Chief Executive of Dangote Industries Limited made the call at the 2026 Financial Times Africa Summit in London. He also outlined a $50 billion investment programme planned for 2026 to 2030.
Speaking with David Pilling, Africa Editor of the Financial Times, Dangote said Africa had the natural resources and investment opportunities to become a global manufacturing hub. However, he argued that weak financial institutions and inadequate infrastructure continued to limit the continent’s industrial growth.
“I think the number one thing that the continent has to concentrate on doing is having very strong financial institutions, their own financial institutions, and also to have very strong agricultural policy, and also industrial policy,” he said.
Dangote identifies electricity as a major industrial constraint
Dangote singled out electricity supply as one of Africa’s most pressing industrial challenges.
“For Africa, what we need the most today is actually power,” he said.
He explained that unreliable electricity prevents countries from processing mineral resources locally. As a result, many African economies export raw materials instead of capturing greater value through manufacturing.
Dangote cited mining as a clear example of this challenge. According to him, companies often identify inadequate electricity supply as a major obstacle to establishing processing facilities near extraction sites.
He therefore called for stronger electricity infrastructure alongside policies that encourage domestic manufacturing, value addition and economic diversification.
Financing difficulties increase industrial investment risks
Beyond electricity, Dangote highlighted the difficulty of securing conventional project financing for major African industrial developments.
He cited the Dangote Petroleum Refinery in Lagos, which the Group financed using its own balance sheet after struggling to secure conventional project finance.
According to Dangote, prolonged financing negotiations can delay projects, raise costs and expose investors to changing economic conditions.
Furthermore, currency depreciation increased the financial risks associated with the refinery’s development.
Dangote said the exchange rate moved from approximately ₦136 to the dollar to as high as ₦1,800 during construction. Meanwhile, about 90 per cent of the Group’s revenue was denominated in naira.
He said the project also required substantial spending on supporting infrastructure, adding to the financial burden.
$50bn investment programme targets industrial growth
Against this backdrop, Dangote said the Group’s planned $50 billion investment programme for 2026 to 2030 would demonstrate Africa’s industrial opportunities.
He said the programme was also intended to encourage more Africans to invest in the continent’s development.
“The legacy we are trying to set up is how do we industrialise our continent?” he said.
Dangote’s remarks placed reliable electricity, accessible long-term financing and supportive industrial policies at the centre of Africa’s manufacturing ambitions.