Dangote extends continental dominance, seals $1 billion investment push in Zimbabwe

Africa’s richest man, Aliko Dangote, has unveiled plans to invest up to $1 billion in Zimbabwe, targeting major projects in cement manufacturing, power generation, and fuel transportation infrastructure.

The initiative stands as one of Zimbabwe’s most significant private-sector commitments in years and underscores growing investor confidence in President Emmerson Mnangagwa’s economic reform agenda.

Last month, Business Insider Africa reported that Dangote was preparing for a substantial investment push in Zimbabwe, with plans advancing for a large-scale industrial complex spanning cement production, coal mining, and energy generation.

The billionaire’s recent visit to Harare marks a defining step toward turning that vision into reality. It signals a renewed commitment from the Dangote Group, which had previously explored similar ventures in 2015 and 2018 but was unable to move forward due to Zimbabwe’s challenging investment environment at the time.

Sources familiar with the project describe it as a “transformational partnership” poised to reshape Zimbabwe’s industrial capacity.

Dangote confirmed the plans following a meeting with President Mnangagwa in Harare on Wednesday, where he expressed confidence in the country’s improving economic climate.

“Mnangagwa has turned the economy around,” he said. “That really gave us the confidence that this is the right time for us to come and invest.”

Recall that Dangote’s Dangote Cement Plc had, in 2015, proposed a $400 million cement plant with a projected annual capacity of 1.5 million tons.

However, those plans stalled under former President Robert Mugabe, whose administration was widely viewed as resistant to foreign-led industrial projects.

Today, with a more transparent and investor-friendly framework under Mnangagwa’s government, Zimbabwe appears ready to finally secure Dangote’s long-awaited investment.

If realized, the deal could become one of the most transformative private-sector undertakings in the country’s post-crisis economy, cementing Zimbabwe’s status as an emerging hub for regional industrial growth.

Dangote revealed that a new agreement between Zimbabwe and Dangote Industries will cover multiple projects, including cement production, power generation, and a fuel pipeline.

“In terms of value, it’s a broad investment, definitely running into hundreds of millions of dollars, and potentially over a billion, especially when you factor in the pipeline component,” Dangote said.

He commended President Mnangagwa for enhancing transparency and stability, noting, “When you look at what His Excellency has done to turn the economy around, it really gives us confidence. His Excellency has passed that test and deserves credit for Zimbabwe’s progress.”

Confirming the partnership, President Mnangagwa wrote on X (formerly Twitter):

“I met Nigerian businessman Mr Aliko Dangote, who is in Zimbabwe to explore investment opportunities. Zimbabwe and the Dangote Group have signed a global agreement focusing on energy, cement, fertiliser, and infrastructure development, advancing our Vision 2030 agenda.”

Dr. Paul Tunguwara, Special Advisor to the President on Investments, described Dangote’s visit as “a defining moment” for Zimbabwe, adding that the engagement reflects Mnangagwa’s commitment to creating a transparent and investor-friendly environment.