Aliko Dangote is raising his group's investment programme in Africa from $50 billion to roughly $70 billion under its Vision 2030 plan, with a separate pledge to intervene in electricity generation at a scale of 10,000 megawatts across the continent.

The president and chief executive of Dangote Industries Limited announced the figures during a visit by creative industry stakeholders from Northern Nigeria — content creators, journalists, bloggers, entertainers and Kannywood stars — to the Dangote Petroleum Refinery and Petrochemicals and Fertiliser plant in Lekki, Lagos.

"We initially planned to invest $50 billion. We are now looking at increasing that to about $70 billion in Africa," Dangote said.

The power intervention, potentially including Nigeria, sits alongside the group's own captive power buildout. Captive power simply means electricity a company generates for its own operations rather than buying from the national grid.

"Across the group, we currently have almost 1,500 megawatts. By the time we complete Vision 2030, that could rise to between 4,500 and 5,000 megawatts," he said. "That is captive power, electricity for our own operations. Separately, part of the vision is to intervene in power generation with 10,000 megawatts across Africa, potentially including Nigeria."

Why is Dangote fixated on electricity?

The logic is straightforward. Asked which single economic decision would most improve ordinary Nigerians' lives, Dangote put power at the centre. He called inadequate supply a major obstacle to the survival of small and medium-sized enterprises, and warned that businesses running on petrol and diesel generators would struggle to stay profitable.

"A vibrant economy is driven by small and medium-sized enterprises. Large companies such as ours help sustain those businesses, but SMEs are essential to economic activity. When you generate electricity using diesel or petrol, it becomes very difficult to make money," he said.

He rejected the idea that households and firms installing their own alternative power systems amounts to a solution. Individual solar arrays help one roof, not the economy beneath it.

"Installing solar power for yourself does not mean the wider problem has been solved. Other people may not have that option," Dangote said.

Within its own operations, the group has largely solved the problem by generating its own electricity — hence the near-1,500MW already on its books.

What does Vision 2030 demand of business and government?

Dangote framed the expanded $70 billion programme as a duty for African businesses: invest in the continent and fix the infrastructure gaps that scare off other investors. He pointed to inconsistent government policies and unreliable electricity as the two big barriers holding investment back.

His division of labour is clear. Businesses should invest and create opportunities. Government should supply the policy environment that lets them.

"Government's principal responsibility is to create an enabling environment through good policies. With the right policies, businesses can invest and create jobs," he said.

He expressed confidence in Nigeria's entrepreneurial strength, arguing the country has yet to realise the full benefits of its large, dynamic economy. Expanding production, creating jobs and delivering reliable electricity are, in his telling, the three keys to unlocking that potential.

Where does he see growth beyond refining?

Dangote identified agriculture and solid minerals as sectors with substantial potential, particularly in Northern Nigeria. But he stressed one condition: Nigeria must stop exporting raw, unprocessed resources.

Infrastructure investment, including ports, could open markets for other producers and make it easier for businesses to develop and export their products, he said.

The numbers to track, then, are these: $70 billion of group investment by 2030, up from $50 billion; captive power rising from almost 1,500MW to between 4,500 and 5,000MW; and 10,000MW of new generation capacity targeted across Africa. It's a plan that bets heavily on African capital solving problems African governments have not.