Aliko Dangote, Africa’s richest man, strikes historic investment agreement with Zimbabwe.
Nigerian billionaire Aliko Dangote has sealed a landmark US$1 billion investment agreement with the Zimbabwean government, marking one of the country’s most significant private-sector deals in over a decade.
The agreement, finalized during a high-level meeting between Dangote and President Emmerson Mnangagwa in Harare, ends nearly ten years of negotiations that began with earlier, unsuccessful attempts by the Dangote Group to enter Zimbabwe in 2015 and 2018.
The investment will establish a comprehensive industrial complex comprising three integrated components, a cement production plant with a limestone quarry and grinding facility, a coal mine to supply raw materials, and a power station that will not only support the project’s operations but also feed electricity into the national grid.
Officials say the project is expected to create thousands of jobs and boost Zimbabwe’s manufacturing and construction sectors, offering a much-needed injection of industrial activity and foreign capital.
Negotiations leading to the signing focused on mining concessions, tax incentives, and investment security, key elements to ensure long-term stability for the venture.
The deal underscores renewed investor confidence in Zimbabwe’s economy and aligns with Dangote’s expansion strategy across Southern Africa, reinforcing his position as one of the continent’s leading industrialists.
