Aliko Dangote, President and Chief Executive of the Dangote Group, has announced plans to invest up to $1 billion in Zimbabwe, targeting the development of cement and power plants, as well as a fuel pipeline.
The announcement came after a meeting with Zimbabwean President Emmerson Mnangagwa in Harare on Wednesday.
“Mnangagwa has turned the economy around. That really gave us the confidence that this is the right time for us to come and invest,” Dangote said.
“Patriotic business magnate Aliko Dangote arrives at State House, where he is officially received by the Presidential Special Advisor on Investment, Dr Paul Tempter Tungwarara, ahead of his meeting with H.E. President Emmerson Dambudzo Mnangagwa,” a news media outlet in Zimbabwe posted.
“The engagement focuses on strengthening investment cooperation and accelerating Zimbabwe’s economic development agenda.”
During discussions with President Mnangagwa, Dangote explored major business opportunities in cement, coal mining, and power generation.
He added, “The engagement underscores Zimbabwe’s drive to attract strategic investment by drawing on Dangote’s multi‑billion‑dollar industrial capacity and influence across Africa.”
Dangote had previously shown interest in similar projects in Zimbabwe back in 2015, including a plan for Dangote Cement Plc to construct a $400 million plant with a processing capacity of 1.5 million tons per year. However, those initiatives did not materialise after negotiations with then-President Robert Mugabe.
In August, Dangote signed a $2.4 billion fertiliser plant deal in Gode, Ethiopia, with construction commencing in October. The facility is designed to harness Ethiopia’s rich natural gas reserves from Hilal and Calub to boost agricultural productivity, create jobs, and enhance food security across the Horn of Africa.
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