Dangote Plans Major Investments in Zimbabwe
Aliko Dangote, the wealthiest man in Africa, has revealed intentions to invest over $1 billion in Zimbabwe, focusing on significant projects in cement production, power generation, and fuel infrastructure. This announcement came after a discussion with President Emmerson Mnangagwa in Harare, as reported by various sources.
The investment plans from the Dangote Group encompass establishing a cement factory, a power generation plant, and a fuel pipeline. This initiative is considered one of the most significant private sector efforts in Zimbabwe in recent years.
During the announcement, Dangote highlighted the positive shift in Zimbabwe’s economic climate under Mnangagwa’s leadership, expressing confidence that now is the right time for investment. “Mr. Mnangagwa has turned the economy around,” he remarked, according to the reports.
This isn’t Dangote’s first foray into Zimbabwe. Back in 2015, he proposed a $400 million cement factory with a production target of 1.5 million tonnes per year, but the project stalled during Robert Mugabe’s presidency, which struggled to attract sustained foreign investments, as per Bloomberg.
Recent policy changes aimed at creating a more business-friendly environment have revived interest in this new initiative. Business Insider Africa notes it could generate jobs, enhance infrastructure, and boost trade in southern Africa.
During his visit, Dangote noted that this agreement covers various sectors. “In terms of value, this is a far-reaching investment, certainly amounting to hundreds of millions of dollars, and potentially exceeding $1 billion,” he commented, mentioning the pipeline’s significance.
President Mnangagwa shared updates of the initiative on social media, stating: “I met Aliko Dangote, a Nigerian businessman, to discuss investment opportunities. Zimbabwe and Dangote Group have signed a global agreement focused on energy, cement, fertilizer, and infrastructure development to further the Vision 2030 agenda.”
Dr. Paul Tungwala, a Special Adviser to the President on Investment, conveyed that Dangote’s visit marked a vital step in Zimbabwe’s economic strategy, underscoring the government’s commitment to supporting key investors.
Dangote, whose net worth is estimated at around $29.8 billion, leads one of Africa’s largest conglomerates, with operations extending across more than ten countries, including Nigeria, Ethiopia, and Zambia.
