Africa’s richest man, Aliko Dangote, has announced plans to invest up to $1 billion in Zimbabwe to develop cement and power plants, as well as a new fuel pipeline project.
According to Bloomberg, the President and Chief Executive of the Dangote Group revealed the plans 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.
Videos shared by Zanu PF Celebs Official on Instagram captured Dangote’s arrival at the State House, where he was received by Dr. Paul Tempter Tungwarara, the Presidential Special Advisor on Investment.
The media outfit noted that the meeting aimed to strengthen investment cooperation and accelerate Zimbabwe’s economic development agenda.
A government source confirmed that the talks focused on major business opportunities in cement production, coal mining, and power generation — sectors seen as vital to Zimbabwe’s ongoing industrial recovery.
“The engagement underscores Zimbabwe’s drive to attract strategic investment by drawing on Dangote’s multi-billion-dollar industrial capacity and influence across Africa,” the source added.
This is not Dangote’s first attempt to establish operations in Zimbabwe. Back in 2015, his group proposed a $400 million cement plant with a 1.5 million-ton annual processing capacity, but the deal stalled under former President Robert Mugabe.
The renewed interest marks a significant shift in Zimbabwe’s investment climate under Mnangagwa’s leadership.
Meanwhile, PUNCH Online reports that in August, Dangote signed a $2.4 billion fertiliser plant deal in Gode, Ethiopia, with construction already underway. The facility will tap into Ethiopia’s Hilal and Calub gas reserves, aiming to boost agricultural productivity, create jobs, and strengthen food security across the Horn of Africa.
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