Harare, (New Ziana) — Nigerian billionaire and Africa’s richest man, Aliko Dangote, is set to invest more than US$1 billion in Zimbabwe in a series of major projects spanning cement and fertiliser production, power generation, and fuel infrastructure.
Speaking to journalists after a closed-door meeting with President Emmerson Mnangagwa at State House on Wednesday, Dangote confirmed that an agreement had been signed between the Government of Zimbabwe and the Dangote Group to kick-start the multi-sector investments.
“Well, I have just signed an agreement between Zimbabwe and the Dangote Group to undertake various investments in different sectors — some in cement, some in power generation, and some in a pipeline to bring petroleum products. We are in the oil business,” he said.
Dangote revealed that his company, which operates Africa’s largest oil refinery, intends to extend its operations to Southern Africa through Walvis Bay, Namibia, to improve regional fuel supply.
“There is a broader investment really going into hundreds of millions of dollars, maybe going up to a billion dollars, but we will tell you the actual amount as we go. It will be over a billion because of the pipeline,” he said.
He expressed confidence in Zimbabwe’s investment climate, praising President Mnangagwa’s administration for its transparency and for turning around the economy since his last visit.
“There is a remarkable change in the country compared to when I first came here. The current leadership under His Excellency President Mnangagwa is solid, transparent, and has delivered a booming economy,” Dangote said.
He added that the progress achieved under the Second Republic had restored investor confidence.
“When you look at what His Excellency has achieved in terms of turning the economy around, that really gave us confidence to say, ‘this is the right time for us to come and invest.’ You know, it’s like when someone passes an exam — you have to give them a good mark. His Excellency has passed the exam, and we have given him a good mark,” he said with a smile.
Dangote’s investment is expected to create thousands of jobs, boost infrastructure development, and strengthen Zimbabwe’s efforts to industrialize and achieve its Vision 2030 target of becoming an upper-middle-income economy.
New Ziana
