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Dangote Blames Nigeria’s Power Woes on Capital Flight and Stolen Funds Abroad

Lagos, Nigeria — Africa’s richest man, Aliko Dangote, has linked Nigeria’s enduring power supply crisis to massive capital flight and the hoarding of stolen public funds in foreign accounts, stressing that the country’s energy output remains woefully inadequate for its size and potential.

During a media tour of the Dangote Refinery in Lagos, the President of Dangote Group lamented that Nigeria, with over 200 million citizens, generates only between 4,500 to 5,000 megawatts (MW) of electricity — a figure he described as unjustifiable.

“We, as a company, are producing over 1,500 MW for our own use. There is no reason Nigeria should be producing just 5,000 MW. The country should be doing 50,000 to 60,000 MW, at the very least,” Dangote said.

He emphasized that the private sector could play a transformative role in power generation, just as it did with the $20 billion Dangote Refinery project — one of the largest in Africa.

Dangote argued that scaling Nigeria’s power capacity to 30,000 MW would be significantly easier than building a world-class refinery from scratch, stating:

“What we have done here is much more difficult than increasing Nigeria’s power output. With the right policies and political will, it is achievable. But it cannot be left to the government alone.”

The industrialist stressed the importance of domestic investment and expressed disappointment in Nigerian elites who continue to stash illicit wealth abroad rather than reinvesting it in the economy.

“People steal public funds and take them abroad. That’s our biggest problem. Other countries have corruption — some worse than ours — but they grow because their capital stays within,” he said.

Dangote called on wealthy Nigerians to demonstrate confidence in the nation by reinvesting locally rather than contributing to the country's economic stagnation through capital flight.

“We know our leaders. We trust them. So, why are we not investing at home? That money taken out of the country should be left here — to build infrastructure, create jobs, and benefit everyone.”

As the Dangote Refinery nears full-scale operation, his remarks underscore the need for a renewed approach to economic nationalism and private-sector leadership in key infrastructure sectors like energy.

By Haruna Yakubu Haruna