Africa’s richest man and President of the Dangote Group, Aliko Dangote, has announced a major investment commitment in Zimbabwe valued at over $1 billion, covering key sectors such as cement production, power generation, and petroleum infrastructure.
Speaking after signing a landmark agreement between Zimbabwe and the Dangote Group, the billionaire industrialist said the deal reflects his renewed confidence in Zimbabwe’s economic reforms and governance under President Emmerson Mnangagwa.
“I’ve just actually signed an agreement between Zimbabwe and Dangote Group to do various investments in various sectors — some of which, of course, are in cement, some in power generation, and some in pipeline to bring petroleum products,” Dangote revealed on X Thursday.
He explained that the Group’s plans include expanding its footprint in energy infrastructure by constructing a major pipeline network to transport petroleum products into Zimbabwe.
“You know, we’re in the business of producing oil. We have the largest refinery in the world — a single line in Nigeria — and we want to bring it to Walvis Bay and then pipe down here,” he stated.
Dangote disclosed that the overall investment package would likely exceed $1 billion, given the scale of the projects involved.
“There are a couple of other investments which we’re looking at. Broader investment really is in hundreds of millions of dollars, maybe even up to a billion. But really, it will be over a billion because of the pipeline,” he said.
He commended the Zimbabwean government for its transparency and stability, noting that recent economic policies have made the southern African nation an attractive destination for large-scale foreign investment.
“Oh, yeah, there are quite a lot of changes between that time when we came and now — the government is solid. There is a lot of transparency,” he observed.
Dangote attributed his decision to invest heavily in Zimbabwe to President Mnangagwa’s economic turnaround initiatives, which he said have restored 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, look, this is the right time for us to come and invest,” he said.
Drawing an analogy, the billionaire described the country’s progress as a successful test passed by the government, deserving recognition from investors.
“It’s like somebody, when you pass exam, people have to give you a good mark. So, His Excellency has passed that exam. And that’s why we’re here, to make sure that we give him a very big mark to come and invest,” Dangote concluded.
News.ng reports that the new partnership is expected to create jobs, boost industrial production, and strengthen Zimbabwe’s infrastructure base, marking one of the country’s largest private-sector investment commitments in recent years.
