Nigerian businessman Aliko Dangote, one of Africa’s richest men, will invest about $1 billion in Zimbabwe, targeting energy production, the construction of a cement plant, and the development of a petroleum pipeline. The agreement was signed on Wednesday morning (12) between Dangote and Zimbabwe’s President Emmerson Mnangagwa.
“We have just signed an agreement between Zimbabwe and the Dangote Group to undertake various investments across several sectors, including, of course, cement production, energy generation, and a pipeline to transport petroleum products,” said Aliko Dangote.
The businessman explained that the pipeline is part of a broader plan by the Dangote Group, which aims to establish the world’s largest oil refinery. This investment strengthens the group’s position in strategic sectors that support Africa’s economic development.
This is not Dangote’s first visit to the country. In 2015, he travelled to Zimbabwe under the late President Robert Mugabe, but later abandoned his investment plans for undisclosed reasons. Now, with new political leadership, the businessman has renewed his interest in the country.
Asked what had changed since then, Dangote replied: “There are quite a lot of changes between the time we came then and now. The government is solid, and there is a lot of transparency.” His statement suggests that the current stability and openness of Mnangagwa’s administration were decisive in making the investment possible.
The Dangote Group, which operates in 17 African countries, is one of the continent’s largest industrial conglomerates. One of its subsidiaries, Dangote Cement (DANGCEM.LG), is among Africa’s leading cement producers, with a strong presence in countries such as Nigeria, Ethiopia, and Tanzania.
Source: Reuters
