The president of the Dangote Group, Aliko Dangote, yesterday told the World Economic Forum (WEF) holding in Davos Switzerland that a joint effort between government and private sector to tackle the power deficit remained a key element in boosting the economy of Africa.
Dangote, who also spoke about his efforts at contributing to lighting up Africa starting from Nigeria, was one of the panelists at a discussion on closing the power gap in Africa organized by the CNBC, a Satellite Business Television Channel.
The businessman man also advised African governments to imbibe policy consistency and avoid summersaults which he said often scuttled the business plan of investors and discouraged others from investing in the sector.
Dangote who is investing heavily in power with his $12 billion refinery and petrochemical project said part of his project in Lagos is laying of sub-sea gas pipeline from Niger Delta to Lagos to provide 3 billion cubic feet of gas that can generate 12, 000 mw of electricity.
Other panelists at the discussion include, Mr. Akinwunmi Adesina, President of African Development Bank, Deputy President of South Africa, Cyril Ramaphosa and Special Representative of the United Nation, Rachel Kyte.
Dangote said government must galvanize the private sector in the provision of stable power in Africa “and that at the end it would be a win-win situation because when power is available a lot of people will put to work and government revenue will also increase.”
According to him, his company signed a $5 billion collaborative agreement with Blackstone to generate power and that while the private sector is investing, the role of government would be to provide the operational framework and conducive environment for the investment to thrive.
The business mogul explained that the twin evils responsible for low power in Africa were the lack of credible master plan and inefficient regulatory agencies, stressing that if these challenges could be tackled genuinely, Africa will be on the way out of darkness.