Nigerian businessman Aliko Dangote, President and Chief Executive of Dangote Industries Limited (DIL), has signed a major agreement with Zimbabwean President Emmerson Mnangagwa. The deal commits the Dangote Group to new investments valued at $1 billion in the Southern African nation. President Mnangagwa confirmed the development on his X (formerly Twitter) account. He confirmed the Nigerian businessman was in Zimbabwe to explore investment opportunities.

The comprehensive agreement between the Zimbabwean government and the Dangote Group spans several key sectors. These include energy, cement, fertiliser, and infrastructure. This investment aligns with Zimbabwe’s broader economic development strategy

Mr. Dangote confirmed that his Group plans to invest at least $1 billion in Zimbabwe. The projects will include a petroleum pipeline, multiple power generation projects, and a cement plant.

Speaking to reporters in Harare, Dangote stated, “We have just signed an agreement between Zimbabwe and the Dangote Group to do various investments in various sectors some of which are of course cement, power generation and a pipeline to bring petroleum products.” He added that the planned pipeline will support the logistics of the world’s largest oil refinery currently being developed by the Dangote Group.

The investment marks a significant return for the industrialist. Dangote first visited Zimbabwe in 2015 during the tenure of the late President Robert Mugabe. However, he later suspended his initial investment plans.

When asked by reporters about the change in circumstances, he praised the current administration. He noted substantial improvements in the investment climate. “There are quite a lot of changes between that time when we came and now. The government is solid; there is a lot of transparency,” Dangote confirmed. The new commitment is seen as a vote of confidence in Zimbabwe’s current economic stability and reform efforts.