Dangote announces over $10 billion for electricity in Africa and considers abandoning steel

Aliko Dangote announced an investment of over $10 billion to electrify Africa over the next three to four years, considering abandoning some steel projects to fund this initiative. He emphasized that over 600 million Africans still lack access to electricity, hindering the continent's industrial development. In July 2024, Dangote had already abandoned a steel plant project due to government concerns about industrial monopoly. The group's refinery in Lekki has recently experienced a favorable financial phase, reporting a net profit of $1.82 billion in the first half of 2026.