Dangote Group, led by Africa’s richest man, Aliko Dangote, has signed a $1 billion investment deal with the Government of Zimbabwe to establish an integrated industrial complex.
The agreement marks a major step in Zimbabwe’s industrialization drive under President Emmerson Mnangagwa’s Vision 2030 agenda, which aims to transform Zimbabwe into an industrialized, upper-middle-income economy within the next decade
According to Zimbabwean authorities, the Dangote Group’s investment will span several sectors, including cement production, energy, and mining.
The integrated project is expected to strengthen Zimbabwe’s manufacturing base while addressing infrastructure and energy challenges.
Backstory
Nairametrics reported late last month that Dangote was preparing to launch a $1 billion investment project in Zimbabwe after renewed talks at the Afreximbank Annual Meetings held in Abuja in June reignited discussions between both parties.
Dangote’s visit to Zimbabwe follows earlier investment missions in 2015 and 2018, when initial discussions with the government did not result in a deal.
Project Components
The deal includes the development of a fully integrated cement factory equipped with a limestone quarry and grinding plant. The facility is expected to reduce the country’s reliance on imported cement and boost local construction output.
In addition, the investment covers the establishment of a coal mine and power station to support Dangote’s industrial operations and contribute to Zimbabwe’s energy supply.
The $1 billion investment is projected to generate thousands of direct and indirect employment opportunities, particularly targeting youth unemployment. The industrial complex will also drive local supply chain development, supporting small and medium-scale enterprises involved in logistics, raw material supply, and construction.
Officials estimate the total cost of the projects to range between $800 million and $1 billion, making it one of Zimbabwe’s largest private sector investments in recent years.
- As part of the agreement, discussions were held on mining concessions, tax incentives, investment security, and work permits for technical experts involved in project implementation. The Zimbabwean government emphasized its readiness to provide a conducive investment environment to ensure project success.
What you should know
Dangote Industries Limited steered a major partnership with Thyssenkrupp Uhde Fertilizer Technology for four new urea‐granulation plants in Lekki, Nigeria. The units will use advanced technology licences and equipment, aimed at boosting Nigeria’s fertilizer production from around 2.65 million tons to over 8 million tons annually.
Dangote’s refinery operations are also expanding.
Aliko Dangote had announced a plan for his 650,000 barrels‐per‐day refinery in the Lekki Free Zone to eventually double capacity to 1.4 million barrels per day, which would make it one of the largest single‐train refineries in the world.
In addition, the Nigerian National Petroleum Company Limited (NNPC) signed a two‐year crude supply deal with the Dangote refinery. Under the deal, the refinery has received a large volume of crude, part of which is naira‐denominated, supporting the local currency and fuel supply chain.
