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Nigeria Needs Stable Power Supply to Grow Economy – Dangote



  • Nigeria Needs Stable Power Supply to Grow – Dangote

Alhaji Aliko Dangote, the President of the Dangote Group, says Nigerian economy cannot grow without stable power supply.

The billionaire, who was at “CBN Going for Growth, a Consultative Roundtable with the CBN Governor”, said Egypt added 10 gigawatts to its power generation in 18 months, while Nigeria is still struggling to add just 1,000 in over 18 years.

“Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.

“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?

“So, I think we all need to be concerned about that.”

The richest black man alive said until Nigeria improved its power generation, economic productivity will continue to struggle.

According to him, “no business will thrive with business owners generating powers themselves.”

He, however, said stakeholders must support government efforts at stabilizing power supply.

He added, “How do you have economic growth without power? So, no power, no growth because without power there can’t be growth.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.