Africa’s richest man and President of Dangote Group, Aliko Dangote, has signed an agreement to invest over $1 billion in cement, power generation, and petroleum infrastructure projects in Zimbabwe.
Dangote disclosed this to journalists after a meeting with Zimbabwean President Emmerson Mnangagwa in Harare on Wednesday.
According to him, the deal includes plans to build a cement plant, develop power generation facilities, and construct a fuel 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 border on cement, power generation, and pipelines to bring petroleum products,” Dangote said.
He noted that the total investment would exceed $1 billion, primarily due to the scale of the pipeline project, adding that the group is also exploring additional investments in the country.
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Dangote commended President Mnangagwa for his administration’s reforms, describing the business environment in Zimbabwe as transparent and improving.
“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 invest,” he added.
Dangote Group, which has operations in more than 10 African countries, continues to expand its footprint across the continent with major investments in cement, oil refining, and energy production.
