Nigeria Has Power Issues Because of Stolen Funds – Dangote

Africa’s richest man, Aliko Dangote, is not happy with how little electricity Nigeria produces and he believes stolen money hidden overseas is a big reason why.

During a recent tour of his refinery in Lagos, Dangote spoke openly about the country’s ongoing power problem. With a population of over 200 million people, Nigeria still generates only about 4,500 to 5,000 megawatts (MW) of electricity far below what is needed. According to Dangote, this is simply not good enough.

He pointed out that his companies alone generate over 1,500 MW just to run their own operations. “Nigeria should be producing around 50,000 to 60,000 megawatts,” he said, stressing how unreasonable it is that an entire country makes just three times what a single business group does.

Dangote believes that more power can be generated if Nigerians, especially wealthy ones, stop moving their money abroad and instead invest it locally. “We keep taking our money out of the country, and that’s a big problem,” he said. “That money should be helping us grow Nigeria.”

He explained that if private individuals and companies put their money into the power sector, the country could quickly scale up to 25,000 or even 30,000 MW. In his words, building the Dangote Refinery, a massive $20 billion project was much harder than fixing the electricity issue.

“If we could do this refinery, then boosting Nigeria’s power is not that difficult,” Dangote said. “But it’s not just the government’s job. We, the people, have to play our part too.”

He also took a swipe at those who steal public funds and hide them in foreign bank accounts. “That money is not helping anyone,” he said. “They can’t use it openly, and it’s not doing anything for the country. Meanwhile, we are stuck with power problems.”

For Dangote, the solution lies in confidence, confidence in Nigeria’s economy and its leadership. 

He believes that if Nigerians show belief in their own country by investing at home, foreign investors will follow.

The business mogul’s comments come as his refinery the largest in Africa, begins operations. He sees it as proof that big projects can succeed in Nigeria with the right commitment. And now, he’s calling on others to do the same, not just in oil and gas, but also in the power sector that millions of Nigerians depend on every single day.