Africa’s richest man and President/Chief Executive of Dangote Group, Aliko Dangote, has announced a landmark investment deal worth over $1 billion in Zimbabwe.
Speaking with journalists after a meeting with President Emmerson Mnangagwa in Harare on Wednesday, Dangote said the agreement covers major projects in cement production, power generation, and a petroleum pipeline.
“We have just actually signed an agreement between Zimbabwe and Dangote Group to do various investments in various sectors, some of which, of course, border on cement, some of it in power generation, and some of it in pipelines to bring petroleum products,” Dangote disclosed.
He further revealed that the pipeline component of the deal significantly raises the value of the investment, adding that the group plans additional ventures in the Southern African country.
He commended President Mnangagwa’s administration for improving governance and transparency, saying the reforms have boosted investor confidence.
“When you look at what His Excellency has actually done in terms of turning the economy around, that really gave us the confidence that this is the right time for us to come and invest,” he stated.
The new deal revives Dangote’s earlier plans from 2015 to establish a $400 million cement plant in Zimbabwe with an annual capacity of 1.5 million tonnes.
With this move, Zimbabwe joins the list of Dangote’s investment destinations across Africa, including Ethiopia and Zambia.
Recently, the conglomerate commenced construction of a $2.5 billion fertiliser plant in Gode, Ethiopia, in partnership with Ethiopian Investment Holdings (EIH).
The Ethiopian project is expected to produce three million metric tonnes of urea annually, positioning it among the world’s largest fertiliser complexes.
Dangote Cement also operates a 1.5 million tonnes per annum plant in Zambia, which began production in 2015.
