Nigeria’s Dangote Group will invest at least $1 billion in a pipeline, power generation and a cement plant in Zimbabwe, its founder and CEO Aliko Dangote said on Wednesday.
Dangote, Africa’s richest man, met with Zimbabwean President Emmerson Mnangagwa and signed an investment agreement with the government earlier in the day.
“We have just signed an agreement between Zimbabwe and the Dangote Group to do various investments in various sectors, some of which are of course cement, power generation and a pipeline to bring petroleum products,” Dangote told reporters in Harare.
He added that the planned pipeline would complement the Dangote Group’s ambition to establish the biggest oil refinery in the world.
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The industrialist previously visited Zimbabwe in 2015, during the tenure of the late President Robert Mugabe, who was replaced by Mnangagwa after a 2017 coup.
Dangote abandoned earlier plans to invest in the country for reasons that were not clearly disclosed.
Asked what has changed since then, he said, “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 Dangote Group operates in 17 African countries, and one of its subsidiaries, Dangote Cement, is a leading cement manufacturer on the continent.
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Image Credit: Zim Live
