Aliko Dangote, Africa’s richest man and CEO of Dangote Group, has announced a major investment plan in Zimbabwe valued at over $1 billion, covering cement production, power generation, and petroleum infrastructure.
Dangote made the disclosure after meeting with Zimbabwean President Emmerson Mnangagwa in Harare on Wednesday. The billionaire confirmed that he signed an agreement on behalf of Dangote Group to establish cement and power plants, as well as a pipeline to transport petroleum products.
“… we have just actually signed an agreement between Zimbabwe and Dangote Group to do various investments in various sectors, 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 said.
The industrialist noted that the total investment exceeds $1 billion “because of the pipeline,” adding that the group is exploring additional projects in the country.
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On governance in Zimbabwe, Dangote praised President Mnangagwa’s economic reforms, stating that “there is a lot of transparency.”
He added, “And also, 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. And, you know, it’s like somebody, when you pass the exam, people have to give you a good mark. So His Excellency has passed that exam.”
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Dangote first expressed interest in investing in Zimbabwe in 2015, including plans for a $400 million Dangote Cement plant with a processing capacity of 1.5 million tonnes annually. With the latest agreement, Zimbabwe joins other key African investment destinations for Dangote Group, including Ethiopia and Zambia.
On October 5, the conglomerate began constructing a $2.5 billion fertiliser plant in Gode, Ethiopia, in partnership with Ethiopian Investment Holdings (EIH). The project is expected to produce three million metric tonnes of urea annually, making it one of the largest fertiliser complexes globally.
Dangote Cement also established a 1.5 million tonnes per annum plant in Zambia, which began operations in the second quarter of 2015.
