Africa’s richest businessman, Aliko Dangote, has disclosed plans to expand into 20,000 megawatts of power generation, while defending his over $20bn refinery investment as proof that large-scale industrial projects are possible on the continent.

Dangote made the remarks during a podcast hosted by the Managing Director of the International Finance Corporation, Makhtar Diop, and monitored by our correspondent on Wednesday, where he outlined a sweeping vision to unlock Africa’s economic potential through infrastructure, energy, and industrial investments.

Speaking about his refinery project, Dangote said Nigeria’s long-standing dependence on imported petroleum products, despite being a major crude oil producer, was the key motivation behind the investment.

He said, “At one point, we were exporting 2.4 million barrels per day and not processing even one barrel. Every single product we used, gasoline, jet fuel, everything was imported. I said no, this cannot continue.”

Dangote revealed that despite widespread scepticism, the refinery has now reached operational stability, processing crude at near full capacity. He said, “Today, we have tested the refinery up to 661,000 barrels per day, and for the last two months, we have been stable at 650,000 barrels per day. Every single department is working.”

He added that the success of the project has helped to shift perceptions about Africa’s ability to deliver complex industrial projects. According to him, “People always said this refinery will never happen. But today, we have shown that as an African company, we can deliver. That gives us a voice to tell others, come and invest in Africa.”

Dangote disclosed that the refinery, which is one of the largest single-train facilities in the world, was entirely executed through a self-driven engineering and procurement process. He said, “We established our own EPC system. Every single nut and bolt we bought, we shipped, and we assembled. At the time I started, I had never even seen crude oil in my life. But we took the risk.”

Beyond refining, Dangote said his group is now focusing on addressing Africa’s critical infrastructure gaps, with a major push into power generation. He said, “We are now going into power, 20,000 megawatts. We are building the biggest deep-sea port, and we are doing LNG. Why? Because we are looking at the needs of Africa and making them a reality.”

He explained that reliable electricity remains central to industrialisation, adding that without power, Africa cannot unlock its manufacturing potential. Dangote also linked his investments in fertiliser and agriculture to broader economic transformation goals, noting that the group is targeting 12 million tonnes of urea production, which could make it one of the largest fertiliser producers globally.

He said, “For me, what gives satisfaction is how to take our continent out of trouble. We cannot continue importing what we consume. We must produce, we must add value.”

On regional trade, Dangote criticised barriers to the free movement of goods and people across Africa, describing them as major obstacles to growth. He said, “Today, I need about 38 visas to move around Africa. How do you invest like that? You cannot even move goods from Lagos to Benin without spending weeks at the border. There is no way trade can work like this.”

He added that high logistics and transportation costs further compound the problem. “It costs more to ship goods from Lagos to Accra than from Spain to Lagos. Flights within Africa are also too expensive. These are the things holding us back,” he said.

Dangote said his African Renaissance initiative was created to bring together like-minded investors to address such structural barriers and drive policy reforms across the continent.

He emphasised that private sector investment must lead Africa’s transformation, noting that foreign investors would only commit when Africans demonstrate confidence in their own economies. He said, “If I don’t invest my own money, I cannot go anywhere and convince others to invest. But now we have demonstrated that these things are possible.”

He also revealed plans to list parts of his business empire, including the refinery, to allow Africans to participate in ownership and benefit from returns. According to him, “We want Africans to invest. When we list, we will make sure dividends are paid in dollars. This will inject billions of dollars into the hands of Africans and change lives.”

The industrialist stressed that Africa’s development would depend on bold investments in key sectors such as energy, agriculture, and infrastructure, rather than continued reliance on imports and external support. “We don’t need theory. What we need is action. If we invest in Africa, if we open up Africa, we will create prosperity for our people,” Dangote said.

Dangote’s combined push in refining and power could significantly reshape Nigeria’s industrial landscape, particularly if the planned 20,000MW capacity materialises, helping to address one of the country’s most critical constraints, electricity supply.

The refinery project, already seen as a game-changer in reducing fuel imports, is also expected to conserve foreign exchange and stabilise Nigeria’s downstream petroleum market, while the proposed power expansion could unlock broader industrial growth across sectors.