Natalie Nyathi
Aliko Dangote, Africa’s richest man and the head of the Dangote Group, is set to expand his business in Southern Africa with a major investment in Zimbabwe.
Yesterday, Dangote met with President Mnangagwa in Zimbabwe to sign and finalize investing up to $1 billion in important areas like cement manufacturing, power generation, and fuel transportation. This move shows growing confidence in Zimbabwe under President Emmerson Mnangagwa’s leadership.
Dangote’s visit to Harare marks a major change after previous attempts to invest in Zimbabwe faced challenges. In 2015 and 2018, his discussions with the government did not lead to a deal. Dangote noted the changes, saying, “There are quite a lot of changes between that time when we came and now. The government is solid, there is a lot of transparency.”
The $1 billion investment will fund several key projects. There are plans to build a cement factory with a limestone quarry and grinding plant, which will help Zimbabwe reduce its reliance on imported cement. The investment will also set up a coal mine and power station to support Dangote’s operations and improve Zimbabwe’s energy supply. Additionally, a fuel pipeline will be included in the plan, which will help supply petroleum products to Southern Africa. Dangote Petroleum Refinery, one of the company’s subsidiaries, will build storage tanks in Namibia to store refined fuel for the region.
This investment is expected to greatly impact Zimbabwe’s economy by creating thousands of jobs, especially for young people. The International Monetary Fund forecasts that Zimbabwe’s economy will grow by 6% in 2025, supported by better economic stability and rising gold prices. The World Bank also expects similar growth, which will drive local businesses and support small and medium-sized enterprises in logistics and construction.
This initiative fits in with Aliko Dangote’s overall vision of expanding his business across Africa and reducing the continent’s reliance on imports. With operations in over 15 African countries, he aims to boost local economies through manufacturing and infrastructure development. His focus is on key sectors like cement, sugar, and oil refining to ensure stability and long-term growth.
By investing in Zimbabwe, Dangote is not only growing his business but also helping the country recover economically and develop its industries. This investment brings a hopeful outlook for Zimbabwe and strengthens Dangote’s role as an important player in Africa’s economic growth.