Aliko Dangote, Africa’s richest businessman, says the Dangote Group intends to invest in power generation, with a target of up to 20,000 megawatts.

On Wednesday, Dangote had an interview with Makhtar Diop, managing director of the International Finance Corporation (IFC).

“We are now going into power — 20,000 megawatts,” he said.

Nigeria now generates approximately 4,000-4,500MW of power, significantly below its installed capacity of more than 13,000MW.

Dangote also listed the proposed investment with other ongoing projects, such as fertilizer manufacturing, liquefied natural gas (LNG), and port development.

He also discussed the evolution of his refinery idea, mentioning that it received skepticism at first.

“At the time when I started this refinery… I have never ever seen crude oil in my life,” he said.

“People openly said this refinery will never happen.”

The Dangote refinery, valued at about $20 billion, is now producing fuel, with capacity estimated at 650,000 barrels per day.

Dangote also stated that the experience has strengthened his commitment to investing in large-scale projects across the continent.

“How do we open up Africa? We will open Africa by demonstrating that we believe in Africa, by investing our money in Africa,” he said.

“Because if I don’t invest my own money, I can never go to any conference and convince people that Africa is a good place to come and invest. But right now, I have a voice; I have demonstrated that these things are possible.”

He went on to say that his company is increasing fertiliser manufacturing capacity to around 12 million tonnes per year, as well as investing in mining, agriculture, LNG, and a deep-sea port.

“And the needs of Africa are petroleum products, fertilisers,” Dangote said.

“Today, in about two and a half years, we will be the largest fertiliser company in the world. We are putting up 12 million tons of urea. We are opening up mines of potash and phosphate in Congo and Brazil. We are building the biggest deep-sea port with an 18-meter draft. We are doing LNG.”

He added that the expansion is being driven by stronger cash flows and increased financial flexibility.

“We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” Dangote said.

He noted that the programs aim to solve major infrastructure and industrial gaps in Africa.

Dangote, however, believes that addressing Africa’s structural trade restrictions will make investments worthwhile.