Business News
Dangote bets big on Zimbabwe’s economic reforms
Africa’s richest man and chairman of Dangote Group, Aliko Dangote, has announced plans to invest more than $1 billion in Zimbabwe’s cement and energy sectors.
Speaking to journalists after meeting with President Emmerson Mnangagwa in Harare on Wednesday, Dangote revealed that the agreement signed between his conglomerate and the Zimbabwean government covers projects in cement production, power generation, and the construction of a petroleum pipeline.
“We have just signed an agreement between Zimbabwe and Dangote Group to do various investments in various sectors, some of which border on cement, some in power generation, and some in pipelines to bring petroleum products,” Dangote stated.
He noted that the total investment would exceed $1 billion due to the inclusion of the pipeline, adding that the group also plans additional ventures in the country.
Commending Mnangagwa’s leadership, Dangote said Zimbabwe’s growing transparency and economic reforms encouraged the company’s decision to invest.
“When you look at what His Excellency has 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 said.
Dangote had first shown interest in Zimbabwe in 2015, when Dangote Cement Plc proposed a $400 million plant with a capacity of 1.5 million tonnes annually.
The new deal now adds Zimbabwe to the list of Dangote’s expanding investments across Africa, including major projects in Ethiopia and Zambia.
In October, Dangote Group began constructing a $2.5 billion fertiliser plant in Gode, Ethiopia, in partnership with the Ethiopian Investment Holdings (EIH).
The complex will produce three million metric tonnes of urea annually, ranking among the world’s largest fertiliser facilities.
Dangote Cement also operates a 1.5 million tonnes per annum plant in Zambia, which began production in 2015.
Follow Us on Google Discover
2027: I will review NELFUND, offer debt forgiveness to Nigerian students – Atiku vows
Yuguda warns Nigerians against Atiku’s promise to restore fuel subsidy, says its a political bait
Strong GDP, Reserves don’t put food on Nigerians’ tables – APC Chairman
2027: APC chieftain resigns, rejects support for Tinubu, Bauchi Governorship candidate
Two Kwara lawmakers lose seats after dumping APC for PDP
Gabriel Jesus joins Barcelona from Arsenal until 2029
BREAKING: PDP Chieftain Daniel Osi Orbih passes away
Panic in Kwara as two-storey building collapses, traps eight
2027: Major Jack picked as Chinda’s running mate in Rivers
Super Eagles Coach Chelle picks two assistants for U-23 team
Court nullifies APC Zamfara North Senatorial primary, orders fresh election
Court sentences killer of Tupac, 30 years after rappers killing
How security forces rescued 15 NYSC members, six others from Kogi kidnappers – Police
On LG Autonomy: I will send funds directly to LGs from Day 1 in office – Atiku vows
Nnamdi Kanu: IPOB gives FG 14-day ultimatum, threatens 2027 poll boycott
7 Ongoing recruitment opportunities Nigerians shouldn’t miss before deadline (How to apply)
Tinubu spends 261 Days abroad as Presidency’s travel spending hits N37.64bn
FBI files won’t decide 2027 election, Nigerians vote will – Tinubu’s lawyer Afolabi says
BREAKING: Ex-Bayelsa gov Timipre Sylva dumps APC, says party has lost its founding ideals
Tinubu drags South Africa to African Union over xenophobia
Sultex, Goddessa exits BBNaija House
Three killed, many injured as suspected cultists invade Anambra
Wike, Fubara meet for first time after governor gives up second-term bid
BREAKING: Lionel Messi retires from international football
Plateau Gov Mutfwang bans Hisbah activities, orders immediate crackdown
Alleged drug trafficking: Tinubu will be embarrassed at UNGA, won’t meet Trump – US Firrm
2027: PDP gains in Yobe as 2,025 opposition members join party
‘Nigeria is burning’ – Atiku criticises Tinubu over three-week Europe vacation
Tragedy in Kano as three sisters drown after boat mishap
