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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.
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