Aliko Dangote, Chairman and CEO of Dangote Industries Limited (DIL), has signed an agreement with Zimbabwean President Emmerson Mnangagwa for new investments of $1 billion in the country.
President Mnangagwa announced the development in a post on his X account (formerly Twitter), saying: “Nigerian businessman, Mr Aliko Dangote, is in Zimbabwe to explore investment opportunities.”
The agreement between the government of Zimbabwe and the Dangote Group covers projects in energy, cement, fertilizers and infrastructure, in line with the country’s “Vision 2030 agenda”.
Dangote confirmed that the Group will invest at least $1 billion in Zimbabwe for an oil pipeline, power generation projects and a cement plant.
“We have just signed an agreement between Zimbabwe and the Dangote Group to make various investments in various sectors, some of which are, of course, cement, power generation and a pipeline to bring in petroleum products,” Dangote told reporters in Harare.
He added that the planned pipeline will align with the company’s goal of building the world’s largest oil refinery.
Dangote first visited Zimbabwe in 2015 during the government of late President Robert Mugabe, but later suspended his investment plans. When asked what had changed, he said:
“There are many changes since we arrived until now. The government is solid, there is a lot of transparency.”
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