The President of the Dangote Group, Alhaji Aliko Dangote, has emphasized the crucial role of stable electricity in driving industrialisation in Nigeria.
According to Dangote, the lack of reliable power supply is a significant challenge to industrial growth, making it 30% more expensive to run a business in Nigeria compared to developed countries.
Dangote cited the example of his cement factory in Ethiopia, which has been the group’s most profitable venture due to the stable power supply in the country. In contrast, the group has had to invest heavily in generating electricity for its refinery and other factories in Nigeria, a cost that is not incurred in developed nations.
In addition to unstable electricity, Dangote also highlighted inconsistent government policies as a major obstacle to industrialisation in Nigeria. He noted that frequent changes in government policies can disrupt business operations and create uncertainty for investors.
To address these challenges, Dangote emphasized the need for a stable and predictable business environment. He encouraged the government to adopt policies that support industrialisation and provide incentives for businesses to invest in the country.
Dangote also stressed the importance of industrialisation in driving national development. He noted that when businesses thrive, the government benefits from increased tax revenues, creating a win-win situation for both the private sector and the government.
In conclusion, Dangote’s insights highlight the urgent need for Nigeria to address its electricity challenges and create a more stable business environment to drive industrialisation and economic growth.