Africa’s richest man and President/Chief Executive of the Dangote Group, Aliko Dangote, has announced plans to invest over $1 billion in cement production, power generation, and petroleum pipeline infrastructure in Zimbabwe.
Dangote disclosed this to journalists on Wednesday after meeting with President Emmerson Mnangagwa at the State House in Harare.
He said the investment deal marks a new phase in Dangote Group’s expansion across Africa and reflects growing investor confidence in Zimbabwe’s economic reforms.
“We have just actually signed an agreement between Zimbabwe and Dangote Group to do various investments in different sectors — some in cement, some in power generation, and some in pipelines to bring petroleum products,” Dangote said.
He explained that the total value of the projects would exceed $1 billion, largely due to the inclusion of the fuel pipeline, and revealed that the Group is exploring additional opportunities in the country.
Speaking on Zimbabwe’s business environment, the Nigerian billionaire commended President Mnangagwa’s administration for creating a transparent and investor-friendly climate.
“When you look at what His Excellency has done in terms of turning the economy around, that really gave us the confidence that this is the right time to come and invest,” Dangote said.
“It’s like someone who has passed an exam, he deserves a good mark. His Excellency has passed that exam.”
Dangote’s planned investment is expected to boost Zimbabwe’s industrial capacity, create jobs, and strengthen energy infrastructure as the country continues efforts to revive its economy through foreign direct investment.
