Nigerian billionaire Aliko Dangote is set to invest approximately $1 billion in Zimbabwe’s cement, coal, and power sectors, a development that could mark one of the largest private investments in the country’s recent history. The investment will focus on establishing a fully integrated cement factory, limestone quarry, coal mine, and power station.
According to sources, Dangote’s visit to Zimbabwe, which is expected to take place in mid-November, will involve meetings with President Emmerson Mnangagwa and senior government officials to finalize the investment roadmap. “We are keen to ensure that he makes a significant investment in Zimbabwe and avoid what happened during his previous visit in 2015, when he came but did not return,” said a source close to the negotiations.
Dangote’s 2015 visit ended inconclusively amid reports that a cabinet minister solicited a bribe, angering the businessman. However, with renewed interest and government backing, this new investment drive looks promising. Zimbabwean business adviser Josephine Mahachi played a key role in facilitating Dangote’s renewed interest in Zimbabwe, stating, “I can confirm that Mr. Dangote will return to Zimbabwe soon to explore strategic investment opportunities.”
The proposed investment aligns with Zimbabwe’s Vision 2030 goal of transforming the country into a prosperous upper-middle-income economy. President Mnangagwa has officially cleared the way for Dangote’s visit, underscoring the government’s commitment to attracting strategic investors.
This investment is expected to create thousands of jobs and stimulate economic growth in Zimbabwe. With Dangote’s track record of successful investments across Africa, this project has the potential to be a game-changer for Zimbabwe’s economy.