The Africa’s richest man and CEO of Dangote Group, Aliko Dangote, has announced that his company has signed a deal to invest over $1 billion in cement and energy projects in Zimbabwe.
Speaking to journalists after meeting Zimbabwean President Emmerson Mnangagwa in Harare on Wednesday, Dangote said the agreement covers 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, 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.
Dangote explained that the investment is valued at more than $1 billion “because of the pipeline”, and added that the group is considering additional ventures in the country.
Commending Mnangagwa’s leadership, Dangote said the president’s reforms have fostered transparency and economic stability.
“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,” he noted.
He added, “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.”
Dangote had earlier shown interest in investing in Zimbabwe back in 2015, when he announced plans for Dangote Cement Plc to build a $400 million plant with a production capacity of 1.5 million tons per year.
This new agreement adds Zimbabwe to Dangote’s growing list of investment destinations across Africa, including Ethiopia and Zambia.
On October 5, the Dangote Group began constructing a $2.5 billion fertiliser plant in Gode, Ethiopia — a joint venture with Ethiopian Investment Holdings (EIH). The facility will produce three million metric tonnes of urea annually, making it one of the world’s largest fertiliser complexes.
Additionally, Dangote Cement established a 1.5 million tonnes per annum (mta) plant in Zambia, which began operations in the second quarter (Q2) of 2015, according to the company’s website.