HARARE — Nigerian billionaire and Africa’s richest man, Aliko Dangote, has sealed a landmark US$1 billion investment deal with the Government of Zimbabwe, marking a major milestone in the country’s re-industrialisation drive.
Dangote, who arrived in Harare early Wednesday morning and departed later in the evening, met with President Emmerson Mnangagwa at State House before the formal signing ceremony. The agreement, inked by Finance Minister Professor Mthuli Ncube on behalf of the government and Dangote for Dangote Industries Limited, covers multiple strategic sectors including cement production, energy, and petroleum infrastructure.
Under the deal, Dangote Industries will construct a state-of-the-art cement manufacturing plant complete with an associated limestone quarry and grinding facility. The investment also includes the development of a coal mine and a power generation station, aimed at strengthening Zimbabwe’s energy security.
In one of the most ambitious infrastructure plans announced in recent years, Dangote revealed intentions to build a regional oil refinery and a transnational fuel pipeline stretching from the Namibian port of Walvis Bay, through Botswana, to Zimbabwe, with potential extensions to neighbouring countries in the region.
The billionaire entrepreneur, whose conglomerate operates in 18 African countries, said the investment represents his group’s firm commitment to Zimbabwe and Southern Africa. He is already undertaking major projects in Namibia, Zambia, and South Africa, consolidating his presence across the subcontinent.
Dangote also announced plans to inject capital into fertiliser production, supporting Zimbabwe’s agricultural productivity and food security goals.
The mega-deal comes after previous attempts to invest in Zimbabwe in 2015 and 2018, which were derailed by regulatory hurdles and corruption demands from rogue officials.
Dangote Industries Limited, one of Africa’s largest conglomerates, has interests spanning cement, sugar, salt, fertiliser, flour, and real estate, among other sectors.
The signing of this agreement signals renewed investor confidence in Zimbabwe’s reform agenda and positions the country as a key node in Africa’s emerging industrial corridor.
