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Africa’s richest man, Aliko Dangote, has sealed a landmark multi-sector investment deal worth more than US$1 billion with the Zimbabwean government — a move that signals renewed investor confidence in the country’s economic reforms.
Dangote, who boasts an estimated net worth of US$25 billion, arrived in Harare yesterday morning to finalise the agreement. The new investment package will target Zimbabwe’s cement, fertiliser, infrastructure, and energy sectors, with additional long-term plans to expand into petroleum supply and power generation.
Speaking after signing the deal at State House, Dangote said the decision to invest now reflects confidence in President Emmerson Mnangagwa’s administration.
“There is quite a bit of change between the time we came before and now. Government is solid and there’s a lot of transparency. What His Excellency has done to turn the economy around gave us the confidence that this is the right time for us,” said Dangote.
“For me, it’s like the President passed an exam — and we are here to give him a very big mark.”
The agreement was signed by Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube on behalf of the government, while Bard Santner Markets Inc., a local asset management firm, played a key role in facilitating Dangote’s visit.
Bard Santner CEO Senziwani Sikhosana was among the officials present at the signing ceremony, marking a significant milestone in efforts to attract fresh capital inflows into the economy.
Dangote confirmed that part of the plan includes leveraging his company’s oil and gas operations — including Africa’s largest refinery, the Dangote Petroleum Refinery — to bring petroleum products into southern Africa through Walvis Bay, Namibia, with a pipeline connection to Zimbabwe.
“We are in the business of producing oil and we have the largest single-train refinery in the world. Our plan is to supply this region through Namibia, and Zimbabwe will be part of that distribution network,” he said.
The billionaire also revealed that his investment portfolio in Zimbabwe could exceed US$1 billion when all components — including fertiliser production and energy projects — are factored in.
“It’s a broader investment, really in the hundreds of millions, but ultimately it will go beyond a billion dollars because of the pipeline and related projects,” Dangote noted.
This marks a successful comeback for Dangote, who last visited Zimbabwe in 2015 with a similar investment proposal under the late President Robert Mugabe. The initial plan, worth US$1 billion, failed to take off amid reports of bureaucratic hurdles and demands for “facilitation fees.”
Nearly a decade later, Dangote’s return signals a new chapter in Zimbabwe’s investment story — one built on reform, transparency, and engagement with global business leaders.
His group, Dangote Industries Limited, is West Africa’s largest diversified industrial conglomerate, with major interests in cement, sugar, salt, fertiliser, and petroleum refining. The new Zimbabwe deal is expected to create jobs, boost local production, and strengthen regional trade links.
