Nigerian billionaire and industrialist Aliko Dangote has signed a landmark US$1 billion investment deal with Zimbabwe signalling renewed confidence in the country’s economy under President Emmerson Mnangagwa’s administration.
Speaking to journalists after the signing ceremony on Wednesday, Dangote said the agreement would see his conglomerate, the Dangote Group, invest in multiple sectors including cement manufacturing, power generation, fertiliser production and petroleum.
“We have just actually signed an agreement between Zimbabwe and the Dangote Group to do various investments in various sectors, some of which, of course, are in a broader discipline like cement, power generation, with some of it in the pipeline and to bring petroleum products,” Dangote said.
The businessman revealed plans to extend the supply of petroleum products from the group’s massive oil refinery in Nigeria described as the world’s largest single-train refinery through a regional pipeline system.
“You know, we are in the business of producing oil and we have the largest refinery in the world, single train, in Nigeria and we’re to bring it to Walvis Bay (Namibia) and then pipe down here as well,” he said
Dangote said his interest in Zimbabwe’s investment potential was rekindled by what he described as improved economic management and transparency within the current government.
“There is quite a bit of change between that time when we came and now. Government is solid. There is a lot of transparency and also when you look at what His Excellency (President Mnangagwa) has done in turning the economy around, that really gave us the confidence to say look, this is really the right time for us,” he said.
He likened President Mnangagwa’s economic reforms to a student excelling after years of hard work.
“So, His Excellency has passed that exam. And that is why we are here to make sure that we give him a very big mark,” Dangote said
The investment is expected to boost Zimbabwe’s industrial output and create jobs across several sectors, particularly in the construction and energy industries.
Dangote’s return to Zimbabwe comes nearly a decade after his first visit in 2015 when the group expressed initial interest in establishing a cement plant and investing in coal mining.
Those plans stalled amid regulatory hurdles and economic instability.
Now, the billionaire’s renewed commitment marks one of the most significant foreign investment pledges to Zimbabwe in recent years, potentially strengthening ties between Harare and one of Africa’s most influential business empires.
