Dangote pledges over $1bn investment in Zimbabwe’s cement, energy sectors

Abdullateef Fowewe

Aliko Dangote, Africa’s richest man and CEO of Dangote Group, has announced a landmark deal to invest more than $1 billion in Zimbabwe, focusing on cement production, power generation, and petroleum infrastructure.

The announcement came after a meeting with Zimbabwean President Emmerson Mnangagwa in Harare on Wednesday.

Dangote said, “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.”

Highlighting the scale of the investment, he noted, “The investment will be worth over $1 billion because of the pipeline,” and revealed that the group is considering additional projects in Zimbabwe.

The billionaire also praised President Mnangagwa’s governance, stating, “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 added, “It’s like somebody, when you pass the exam, people have to give you a good mark. So His Excellency has passed that exam.”

This new deal builds on Dangote’s earlier interest in Zimbabwe, where in 2015 he announced plans to establish a $400 million cement plant with an annual processing capacity of 1.5 million tons.

With this recent agreement, Zimbabwe joins Ethiopia and Zambia as key investment destinations for the Dangote Group.

Notably, the group recently started building a $2.5 billion fertilizer plant in Gode, Ethiopia, reflecting its ongoing expansion across Africa.