Dangote to invest US$1 billion in Zimbabwe

Africa's richest man, Nigerian billionaire Aliko Dangote, is expected to visit Zimbabwe in mid-November following the approval of a massive US$1 billion investment package spanning cement production, coal mining, and power generation, government officials have confirmed.

A team from local financial services firm Bard Santner, which will structure the transactions, was in Nigeria on Monday to finalise preliminary arrangements ahead of Dangote's visit.

President Emmerson Mnangagwa's investment adviser, Paul Tungwarara, told journalists that preparations were well underway for a high-level meeting between Mnangagwa and the Nigerian tycoon.

"The richest man in Africa is coming to Zimbabwe at the invitation of President Mnangagwa," Tungwarara said. "The two have been in constant communication, and we are presently working on the logistical aspects of the visit. We are keen to ensure that he makes a significant investment in Zimbabwe and avoid what happened during his previous visit in 2015, when he came but did not return."

Dangote's 2015 trip to Zimbabwe ended without concrete results amid allegations that a senior cabinet minister demanded a bribe, an incident that reportedly angered the businessman and derailed potential projects.

This time, sources say journalist and business adviser Josephine Mahachi has been instrumental in rekindling Dangote's interest in Zimbabwe, paving the way for renewed talks with government and private sector players.

The 68-year-old industrial magnate, whose net worth is estimated at US$30 billion by Forbes, owns a vast business empire anchored by Dangote Industries Limited. His flagship company, Dangote Cement Plc, is a publicly listed multinational with a production capacity of 52 million tonnes per year across 10 African countries.

In 2023, Dangote commissioned Africa's largest oil refinery — the US$20 billion Dangote Refinery in Lekki, Nigeria — capable of processing 650,000 barrels of crude oil per day.

As part of his ongoing regional expansion, Dangote recently unveiled plans to build fuel storage tanks in Namibia with a combined capacity of 1.6 million barrels of petrol and diesel to serve the southern African market.

His impending visit to Zimbabwe is expected to mark one of the most significant investment missions in recent years, potentially boosting the country's industrial and energy sectors while strengthening economic ties between Harare and Lagos.