Dangote eyes Zimbabwe in fresh US$1bn investment push
STAFF WRITER
Africa’s richest man, Nigerian billionaire Aliko Dangote, is expected in Zimbabwe in the coming weeks to explore a potential US$1 billion investment deal that could see his conglomerate establish a vast cement, coal mining and power generation complex, it has been established
The visit, part of Mr Dangote’s renewed drive to expand his industrial empire across Southern Africa,is expected to bolster Zimbabwe’s standing as a competitive destination for large-scale investment and aligns closely with Government’s Vision 2030 target of creating a modern, industrialised economy.
According to organisers familiar with the arrangements, Dangote’s visit forms part of his business safari in the region, where he already operates major cement plants. The billionaire is expected to meet President Mnangagwa and senior Government officials to discuss the finer details of the project.
If finalised, the planned investment will represent one of the largest private sector commitments to Zimbabwe in recent years and could create thousands of jobs across the value chain — from mining and construction to logistics and energy.
Dangote, who chairs the Lagos-headquartered Dangote Industries Limited, controls a vast conglomerate with interests spanning cement, flour, sugar, salt, pasta, beverages, fertiliser, real estate, oil and gas, and logistics. The group also operates a major oil refinery, petrochemical plant and fertiliser complex in Nigeria and has footprints in 17 African countries.
Sources say in Zimbabwe, the Dangote Group plans to establish an integrated cement factory, limestone quarry, coal mine, and power station — with the total investment value estimated between US$800 million and US$1 billion.
The renewed investment drive follows earlier visits by Mr Dangote to Zimbabwe in 2015 and 2018, when similar proposals were tabled but did not materialise. His revived interest, insiders say, was rekindled after being approached by executives from Bard Santner Markets Inc, a Harare-based financial advisory firm, and Mrs Josephine Mahachi, a Zimbabwean journalist-turned-business facilitator.
Bard Santner specialises in corporate finance, asset and wealth management, microfinance, and remittance services, while Mrs Mahachi is an award-winning entrepreneur known for her work connecting local businesses to international investors.
The discussions with Mr Dangote reportedly began during the 32nd Afreximbank Annual Meetings held in Abuja, Nigeria, from June 25 to 28 this year, where the billionaire delivered a compelling address urging deeper Pan-African investment and intra-African trade under the African Continental Free Trade Area (AfCFTA) framework.
A delegation from Bard Santner, led by its chief executive officer Senziwani Sikhosana, met Mr Dangote on the sidelines of the Afreximbank meetings to initiate dialogue on possible investment partnerships.
Following the Abuja meeting, Mr Sikhosana and his executive team — including Tatenda Hungwe and Lucia Chingwaru — visited the Dangote Group headquarters in Lagos to gain a deeper appreciation of the conglomerate’s regional operations.
Asked for comment, Sikhosana said:
“It’s too early to talk about these issues in the public. When the right time comes, authorities and ourselves as facilitators will make the necessary announcements.”
