Aliko Dangote, president of Dangote Group. Pic credit: Daily times
Aliko Dangote, president of Dangote Group. Pic credit: Daily times

One of Nigeria’s wealthiest men, Aliko Dangote, president of the Dangote Group, said that his company will generate 12,000MW of power by 2018, which will be for sole distribution in Nigeria.

Dangote Group to facilitate country growth

Speaking at the Nigeria Summit hosted by The Economist, Dangote said: “We are looking at a situation, [where] by 2020 we are the one selling FX to CBN.

“Our projects are mainly import substitution. We are working to be self-sufficient to grow about a million tonnes of rice over the next five years,” he added.

The Nigerian billionaire said that the Group’s gas project would have laid gas pipelines along the sea bed, which would facilitate the 12,000MW of output capacity, Naija247News reported.

“We see a lot of transformation when we are done with most of our projects by 2018.,” Dangote said.

Dangote pushes for country diversification

He added: “We have 15 countries in the ECOWAS community that [are] duty-free. [The] export market is big and profitable if you have capacity. Players in […] manufacturing should be encouraged to export if they have the capacity. We must also meet local consumption.”

[quote]The president of the Nigerian multinational industrial conglomerate, said that diversification of the economy should be given priority.

“People sometimes underestimate the economy of Nigeria by simply looking at the FX situation.”

“Lower oil prices does not spell doom. In 1998 oil price fell to $9. Once oil gets back to $80, we forget about diversifying the economy. Now is the time to diversify the economy.”

Nigeria power gen target

In earlier news, ESI Africa reported that Chief Executive Officer of Enugu Electricity Distribution Company (EDEC), Rob Dickerman, stressed that Nigeria’s efforts to achieve 20,000MW by 2020 may be hampered by a lack of necessary power infrastructure.

The CEO stressed at a conference recently held in Lagos, that an estimated $40 billion is required to produce the 20,000MW and it would not be possible without the Federal Government providing the necessary power infrastructure.

He added that the west African country needs to develop a Liquefied Gas (NLNG) domestic system if it wants to make gas available for indigenous users.