Africa’s wealthiest man, Nigerian business magnate Aliko Dangote, has arrived in Zimbabwe to explore a landmark investment deal worth up to US$1 billion. The proposed venture aims to establish an integrated industrial complex encompassing cement manufacturing, coal mining, and power generation — a development expected to inject fresh momentum into Zimbabwe’s industrialisation drive and create thousands of jobs.
The Office of the President and Cabinet confirmed Dangote’s arrival on Tuesday, announcing that President Emmerson Mnangagwa is set to meet the billionaire for high-level discussions on the potential investment. The meeting is expected to focus on identifying suitable sites for the planned operations and mapping out incentives to ensure the project’s viability within Zimbabwe’s economic framework.
In a post on social media platform X (formerly Twitter), journalist and business adviser Josephine Mahachi, who is part of the facilitation team, shared a photograph of the Nigerian tycoon arriving in Harare, captioned simply, “He is here Zimbabwe.” The post quickly went viral, sparking excitement among business leaders and ordinary citizens alike, who see Dangote’s visit as a signal of renewed investor confidence in the country’s economic potential.
Sources familiar with the discussions revealed that the investment — estimated between US$800 million and US$1 billion — will involve the construction of a state-of-the-art cement plant supported by a limestone quarry and grinding unit, alongside a coal mine and a dedicated thermal power station. The complex is expected to produce millions of tonnes of cement annually, catering not only to Zimbabwe’s domestic market but also to regional demand in neighbouring countries.
African Billionaire Aliko Dangote Touches Down in Zimbabwe
If the deal materialises, it will mark Dangote’s first major footprint in Zimbabwe and one of the largest single private investments in the country’s industrial sector in recent years. The project is being coordinated by Bard Santner Markets Inc, a Harare-based financial advisory firm, working closely with Mahachi to facilitate engagements between Dangote Industries Limited and the Zimbabwean Government.
According to Bard Santner chief executive officer Senziwani Sikhosana, the firm began engaging Dangote earlier this year during the 32nd Afreximbank Annual Meetings held in Abuja, Nigeria, from June 25 to 28. The meeting reportedly set the stage for the current round of discussions, focusing on strategic opportunities within Zimbabwe’s cement, energy, and mining sectors. Sikhosana described the development as a “major milestone for Zimbabwe’s investment climate,” noting that Dangote’s interest reflects growing confidence in the country’s business reforms and regional integration agenda.
Dangote’s visit is not his first to Zimbabwe. The billionaire previously toured the country in 2015 and 2018, exploring similar opportunities in cement and energy production. However, those earlier efforts did not materialise due to bureaucratic delays and regulatory hurdles. This time, however, the environment appears more favourable, with the Mnangagwa administration aggressively pursuing foreign investment under its “Open for Business” policy.
Dangote Industries Limited, his flagship conglomerate, is Africa’s largest industrial group, with operations spanning 17 countries across the continent. The company dominates the cement market through Dangote Cement, which has production plants in Nigeria, Ethiopia, Tanzania, Zambia, and Senegal, among others. Beyond cement, the group has diversified into sugar, salt, fertiliser, oil refining, beverages, and logistics, making it a cornerstone of Africa’s economic transformation.
In Nigeria, Dangote recently commissioned the continent’s largest oil refinery, a US$20 billion facility in Lagos designed to reduce Africa’s dependence on imported fuel. His business empire employs tens of thousands of people and has been instrumental in advancing regional trade under the African Continental Free Trade Area (AfCFTA).
Analysts say the Zimbabwe project aligns perfectly with the country’s Vision 2030 — an ambitious plan to transform Zimbabwe into an upper middle-income economy within the next five years. Central to that vision is the growth of the manufacturing and mining sectors, backed by investments in energy infrastructure and raw material beneficiation. The Dangote project could therefore serve as a catalyst for industrial expansion, boosting output, exports, and job creation.
Economist Dr Gift Mugano described the potential investment as “transformational,” saying it could strengthen Zimbabwe’s position as a regional manufacturing hub. “This kind of large-scale, vertically integrated project has the potential to reshape our industrial landscape,” he said. “It would not only meet local demand for cement and energy but also stimulate secondary industries, from construction to transport.”
Public reaction to Dangote’s visit has been overwhelmingly positive, with social media users celebrating what they see as a turning point for Zimbabwe’s economy. Business associations have also welcomed the move, calling it a sign that global investors are beginning to view Zimbabwe as a viable destination once again.
Government officials, meanwhile, have pledged full support for the proposed project. A senior official in the Ministry of Industry and Commerce said Dangote’s investment would bring advanced technology, skills transfer, and much-needed foreign currency into the country. “This is the kind of partnership we have been working towards — long-term, value-driven, and aligned with our national development goals,” the official said.
If finalised, the Dangote project could rank among the largest foreign direct investments in Zimbabwe in over a decade, alongside recent ventures in lithium mining and steel production. For the Mnangagwa administration, it would represent a major diplomatic and economic victory — proof that Zimbabwe is once again open for business and ready to reclaim its place as one of Africa’s industrial powerhouses.
