Africa’s richest man, Aliko Dangote, has unveiled plans to invest $1 billion in Zimbabwe for the development of cement and power plants, alongside a fuel pipeline project.
The Nigerian billionaire disclosed the plan after meeting President Emmerson Mnangagwa in Harare on Wednesday, citing improved economic conditions as a key factor behind his renewed interest.
“President Mnangagwa has turned the economy around,” Dangote said. “That really gave us the confidence that this is the right time for us to come and invest.”
Dangote, who leads Dangote Cement Plc with operations in 10 African countries, had previously expressed interest in Zimbabwe in 2015, though earlier proposals did not advance.
The new investment signals a fresh entry into Zimbabwe’s industrial sector as the Dangote Group continues to expand across the continent.
According to the Bloomberg Billionaires Index, Dangote’s net worth is estimated at $29.8 billion.