Africa’s wealthiest man, Aliko Dangote, has announced that his conglomerate, the Dangote Group, has signed a deal to invest over $1 billion in cement, power generation, and energy infrastructure in Zimbabwe.
The announcement came on Wednesday following a high-profile meeting between Dangote, the Group’s Chief Executive Officer, and Zimbabwean President Emmerson Mnangagwa in the capital, Harare.
Speaking to journalists after the meeting, Mr. Dangote confirmed that the agreement encompasses the construction of cement and power plants, as well as a fuel pipeline.
“We have just actually signed an agreement between Zimbabwe and Dangote Group to do various investments in various sectors,” Dangote stated. “Some of which, of course, border on cement, some of it in power generation, and some of it in pipelines to bring petroleum products.”
He noted that the total value of the investment would exceed $1 billion, primarily due to the inclusion of the fuel pipeline. The billionaire also hinted that the group is planning additional investments in the Southern African nation.
Mr. Dangote expressed strong confidence in the current Zimbabwean government’s economic management, citing this as a key factor in the investment decision.
“When you look at what His Excellency has actually done in terms of turning the economy around, that really gave us the confidence that this is the right time for us to come and invest,” he remarked.
He praised President Mnangagwa’s actions, adding, “There is a lot of transparency… His Excellency has passed that exam.”
The multi-billion-dollar deal signals a major vote of confidence from one of Africa’s largest industrial conglomerates in Zimbabwe’s economic future and reform trajectory.
