Aliko Dangote Became The Richest Black Man In The World — And Now He Plans To Invest $1B In Industrial Projects In Zimbabwe
Nigerian industrialist Aliko Dangote, Africa’s richest man, has announced plans to invest at least $1 billion in Zimbabwe to develop large-scale projects in cement production, power generation, and fuel infrastructure. The announcement followed his meeting with Zimbabwean President Emmerson Mnangagwa in the capital of Harare, Reuters reports.
According to Reuters, the Dangote Group’s planned investment includes a cement plant, a power generation facility, and a fuel pipeline. Business Insider Africa adds that the initiative represents one of Zimbabwe’s most significant private-sector commitments in recent years.
Dangote said the timing reflects improvements in Zimbabwe’s economic environment under Mnangagwa’s administration. “Mnangagwa has turned the economy around,” he said, per the outlet. “That really gave us the confidence that this is the right time for us to come and invest.”
This is not Dangote’s first attempt to establish operations in the country. In 2015, Dangote Cement Plc proposed a $400 million cement plant with an annual capacity of 1.5 million tons, but the project did not move forward under former President Robert Mugabe, whose administration struggled to attract long-term foreign investment, Bloomberg reports.
With current policies aimed at fostering a more open and business-friendly framework, the initiative has gained new traction. Business Insider Africa notes that the projects could create jobs, improve infrastructure, and expand trade across southern Africa.
During his visit, Dangote confirmed that the new agreement covers multiple sectors.
“In terms of value, it’s a broad investment, definitely running into hundreds of millions of dollars, and potentially over a billion, especially when you factor in the pipeline component,” he said per the outlet.
Mnangagwa shared details of the engagement on X, formerly Twitter, writing, “I met Nigerian businessman Mr. Aliko Dangote, who is in Zimbabwe to explore investment opportunities. Zimbabwe and the Dangote Group have signed a global agreement focusing on energy, cement, fertilizer, and infrastructure development, advancing our Vision 2030 agenda.”
I met Nigerian businessman Mr Aliko Dangote, who is in Zimbabwe to explore investment opportunities.
Zimbabwe and the Dangote Group have signed a global agreement focusing on energy, cement, fertiliser, and infrastructure development, advancing our Vision 2030 agenda.#Zimbabwe… pic.twitter.com/kPTZoDpL95
— President of Zimbabwe (@edmnangagwa) November 12, 2025
Dr. Paul Tunguwara, special advisor to the president on investments, according to Business Insider Africa, described the visit as a significant step in Zimbabwe’s economic strategy, emphasizing the government’s commitment to supporting major investors.
Dangote, whose net worth is estimated at $29.8 billion, according to the Bloomberg Billionaires Index, as AFROTECH™ previously reported, leads the Dangote Group, one of Africa’s largest conglomerates with operations in more than 10 countries, including Nigeria, Ethiopia, and Zambia, Business Insider Africa notes.
