Signed, sealed, and delivered US$1 billion

Nigerian billionaire Aliko Dangote has signed a landmark investment agreement with the Government of Zimbabwe worth over US$1 billion, marking a major breakthrough in the country's efforts to attract large-scale foreign direct investment.

Dangote, the founder and chief executive of Dangote Industries Limited, arrived in Harare early Wednesday morning and held a private meeting with President Emmerson Mnangagwa at State House. The discussions were followed by a formal signing ceremony attended by senior government officials and ministers, where Finance Minister Mthuli Ncube signed on behalf of the government, while Dangote represented his conglomerate.

The agreement covers several key sectors, including cement manufacturing, energy production, mining, and fuel infrastructure development. Dangote Industries will construct a cement manufacturing plant supported by a limestone quarry and grinding facility. The company will also develop a coal mine and power generation station aimed at bolstering Zimbabwe's electricity supply.

In addition, Dangote announced plans to establish a regional oil refinery and a transnational pipeline that will transport refined petroleum products from Namibia's Walvis Bay port, passing through Botswana into Zimbabwe, with the potential to supply other countries in the Southern African region.

The billionaire also revealed intentions to invest in local fertiliser production to enhance Zimbabwe's agricultural productivity and reduce dependence on imports.

Speaking after the signing ceremony, Dangote said he was impressed by Zimbabwe's improved investment climate and government transparency compared to his previous experiences.

"There is a lot of change between that time and right now. There is transparency and a sense of seriousness about turning the economy around. That is what gave us confidence that this is the right time to come and invest," he said.

Dangote's earlier investment efforts in 2015 and 2018 collapsed amid reports of bureaucratic red tape and demands for bribes by some officials. He said the current reforms under President Mnangagwa's administration had restored confidence in the market.

With this deal, Dangote expands his footprint in Southern Africa, adding Zimbabwe to a growing list of operations that already include Namibia, Zambia, and South Africa.

Government officials described the agreement as a milestone for Zimbabwe's industrialisation drive, which aims to increase productivity, create jobs, and strengthen energy security.

Dangote, who departed Harare later in the evening aboard his private jet, said he looked forward to working closely with Zimbabwe to ensure the projects are implemented swiftly, calling the investment a "transformational partnership for regional growth."