Dangote has renewed confidence in Zimbabwe

Africa's richest man, Aliko Dangote, has announced plans to invest over US$1 billion in Zimbabwe, citing improved transparency and a more investor-friendly business climate - a stark contrast to his first attempt nearly a decade ago that collapsed amid red tape and corruption.

Dangote, the founder and CEO of the Dangote Group, met President Emmerson Mnangagwa in Harare on Wednesday, where he confirmed that his conglomerate would embark on major projects in cement production, power generation, and fuel supply infrastructure.

"There is a lot of change between that time when we came and right now - it's solid," Dangote said after the meeting.
"When you look at what His Excellency President Emmerson Mnangagwa has done in terms of turning the economy around, that is what gave us the confidence to say, ‘This is the right time to come and invest.' It's like someone has passed an exam - people have to give him a good mark."

Dangote's renewed interest follows his ill-fated 2015 visit, when he met then-President Robert Mugabe and expressed plans to develop the Sengwa coal fields and build a 2,800MW coal-fired power plant. Those projects never materialised, reportedly due to bureaucratic bottlenecks and alleged demands for kickbacks.

At the time, investors were prohibited from charging for electricity in foreign currency, a major stumbling block for cost recovery. The situation has since changed, with the government now allowing independent power producers to set cost-reflective tariffs in U.S. dollars and repatriate profits.

The Zimbabwean government has welcomed Dangote's planned investment, viewing it as a key step toward industrialisation, job creation, and value addition to local resources.

Dangote confirmed that a broad agreement had been signed covering multiple sectors:

"Some of our investments will be in cement manufacturing, power generation, and the supply of petroleum products. We are also in the business of producing petroleum; we have one of the largest refineries in the world," he said.

Analysts say Dangote's decision could help position Zimbabwe as a strategic southern African hub for oil, cement, and fertilizer supply - linking its operations with regional logistics routes through Namibia's Walvis Bay.

While specific project figures and timelines have not yet been disclosed, Dangote said details would be made public as implementation begins.

Dangote Industries Limited, one of Africa's largest diversified conglomerates, operates across sectors including cement, sugar, oil refining, and fertilizer production, employing over 35,000 people across the continent.