Aliko Dangote, the chairman of the Dangote Industries Limited, has signed an agreement with the government of Zimbabwe to invest up to $1 billion in the country’s energy and cement sector as he pays a second business visit to the country in 10 years.
This was disclosed on Wednesday in a press statement by the Presidential Empowerment Fund Initiative of Zimbabwe posted on its X handle and signed by Paul Tunguwara, Special Advisor to the President on Investments.
“It is with great optimism and national pride that we welcome Mr. Aliko Dangote, Chairman of Dangote Industries Limited, to Zimbabwe as he explores investment opportunities exceeding USD $1 billion in our country,” the statement read.
“Mr. Dangote’s presence reaffirms Zimbabwe’s position as a rising destination for strategic investment in Africa. His interest in sectors such as cement manufacturing, energy, and mining aligns with our national priorities and promises to unlock significant economic value, job creation, and industrial growth.”
The Nigerian billionaire and Africa’s richest person touched down in Harare where he is expected to meet President Emmerson Mnangagwa and also sign the investment deals.
He was welcomed by government officials and key architects of the deal, the chief of which is reported by local sources to be Senziwani Sikhosana – the chief executive at Bard Santner.
What does Dangote’s visit mean for Zimbabwe?
Aliko Dangote, the world’s richest Black man, is back in Zimbabwe — and this time, it looks serious.
As newZWire put it, “the world’s richest black man is back for another look,” referencing his previous investment visit which, according to the outlet, “didn’t end well.”
When asked what went wrong before and what is different now, Dangote himself offered some clarity.
“We have just actually signed agreements between Zimbabwe and Dangote Group to do various investments in various sectors, some of which will be in cement, power generation and pipeline to bring petroleum products.”
This marks a major shift from past discussions.
The Dangote Group, which operates Africa’s largest refinery — a 650,000 barrels-per-day facility in Nigeria — is now eyeing Zimbabwe for a much broader investment portfolio.
Unlike its recent plan to build a 1.6 million-barrel petroleum storage facility in Namibia, Dangote says the Zimbabwe venture will be far more expansive.
“Really, it’s in hundreds of millions of dollars, maybe even up to a billion. But you know, we will tell you the amount as we go along. But really it will be over a billion because of the pipeline.”
How is this visit different from Dangote’s last?
Aliko Dangote’s return to Zimbabwe marks a significant shift from his first visit in 2015.
Back then, the billionaire industrialist met with former President Robert Mugabe and announced plans to invest $400 million in a cement plant, alongside ventures in coal mining and power generation.
The proposed cement facility, with a capacity of 1.5 million tons per year, was expected to break ground the following year.
At the time, Dangote was confident, telling reporters:
“We’ve already decided to invest in Zimbabwe, that’s why we are here. Any country where you see us visiting, it means, yes, we’ve decided to invest.”
But those plans never materialized.
So, what’s changed?
When asked why he’s back and what’s different now, Dangote pointed to a more stable and transparent environment under President Emmerson Mnangagwa:
“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. And also, when you look at what His Excellency has done in terms of turning the economy around — that really gave us the confidence to say, look, this is the right time for us to come and invest.”
Mnangagwa has indeed made investment promotion a key pillar of his administration, focusing on infrastructure development and global outreach.
However, he has also acknowledged that Zimbabwe’s history of policy inconsistency has deterred investors — a challenge his government is still working to overcome.
This time, Dangote’s ambitions appear broader.
In addition to cement and energy, he hinted that fertilizer production could be part of the mix, just months after launching a $2.5 billion fertilizer plant in Ethiopia.
