Dangote to Invest Over $1 Billion in Zimbabwe
Dangote to Invest Over $1 Billion in Zimbabwe
Africa's richest man, Aliko Dangote, has signed a significant investment agreement for the construction of cement and power plants, as well as a fuel pipeline, cement industry facilities, energy sector infrastructure, oil pipelines, oil refining, and fertilizer production, according to Zimbabwe’s Ministry of Information.
Dangote, who operates cement businesses in ten countries, first expressed interest in investing in Zimbabwe back in 2015. His plans included establishing a $400 million Dangote Cement Plc facility, with an annual processing capacity of 1.5 million tonnes.
However, that project, along with several others discussed at the time, never materialized due to challenging negotiations with then-President Robert Mugabe.
In contrast, Dangote praised President Emmerson Mnangagwa for his efforts in implementing reforms, ensuring transparency, and successfully revitalizing the country's economy.
“This has instilled confidence in us that now is the right time to invest,” Dangote remarked.
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