Africa’s richest man, Alhaji Aliko Dangote, has identified Nigeria’s unstable electricity supply as a major obstacle to the country’s industrialisation, stating that businesses cost 30% more to run in Nigeria compared to developed nations.
Dangote, the President of Dangote Group, made this revelation while hosting Zambia’s Minister of Energy, Makozo Chikote, at the Dangote Refinery in Lagos. He explained that industrial growth is impossible without reliable power, citing Ethiopia as an example where his cement factory is most profitable due to stable electricity.
“If there’s no power, there won’t be growth,” Dangote said. “Abroad, it’s plug-and-play. You just build a factory and connect to the network. But here, we have to invest heavily in power generation, which doesn’t happen in developed countries.”
Beyond electricity, Dangote also blamed inconsistent government policies for stifling industrial progress. He compared policy changes to moving goalposts in football, making it difficult for businesses to succeed.
He further stressed that the government benefits significantly from industrialisation through taxation, urging authorities to create a more stable business environment. “Every ₦1 we generate in cement, 52 kobo goes to the government in taxes,” he noted, emphasizing that when businesses shut down, the government is among the biggest losers.
Dangote reiterated that industrialisation is crucial for national development and called for reforms to ensure consistent policies and stable power supply, which are essential for Nigeria’s economic growth.
