Dangote Group Confirms US$1 Billion Investment in Zimbabwe’s Cement, Coal, and Power Sectors

Africa’s richest man, Aliko Dangote, is set to invest US$1 billion in Zimbabwe’s cement, coal, and power sectors (image source)

HARARE — Africa’s richest man, Nigerian billionaire Aliko Dangote, is set to visit Zimbabwe in mid-November to finalise a landmark US$1 billion investment package spanning cement manufacturing, coal mining, and power generation. The deal marks one of the largest foreign direct investments in Zimbabwe in recent years and is expected to significantly boost industrial capacity and energy security.

“The richest man in Africa is coming to Zimbabwe at the invitation of President Mnangagwa,” said Paul Tungwarara, the President’s investment adviser.

The investment, structured by Bard Santner Markets Incorporated, will establish an integrated cement factory, a limestone quarry, a coal mine, and a thermal power station. These projects align with Zimbabwe’s Vision 2030 goals to become an upper-middle-income economy and reduce reliance on imports.

“This is a game-changer for our industrialisation agenda,” said Senziwani Sikhosana, CEO of Bard Santner.

Dangote’s interest in Zimbabwe dates back to 2015, when an initial visit was aborted due to logistical challenges. This time, the visit has received formal endorsement from President Mnangagwa, with Josephine Mahachi, a journalist-turned-business adviser, playing a key role in facilitating the engagement.

The investment is expected to create thousands of jobs, stimulate local supply chains, and improve access to affordable building materials and energy. Zimbabwe currently imports over 40% of its cement and faces chronic power shortages, with rolling blackouts affecting productivity.

“Dangote’s entry will disrupt monopolies and bring competition,” said Dr. Tapiwa Nyatsanza, an industrial economist.

The coal and power components of the deal are particularly significant, as Zimbabwe seeks to diversify its energy mix amid regional grid instability. The new power station could add up to 600MW to the national grid, easing pressure on the Zimbabwe Electricity Supply Authority (ZESA).

The investment comes amid renewed efforts by the government to attract foreign capital and rebuild investor confidence. It also signals a shift in regional investment flows, with Nigerian capital entering Southern Africa’s industrial space.

“This is not just a business deal; it’s a vote of confidence in Zimbabwe’s future,” said Mahachi.

Dangote’s delegation is expected to meet government officials, tour proposed sites, and sign preliminary agreements. If successful, construction could begin in early 2026, with phased rollouts over five years.

“We are keen to ensure that he makes a significant investment and avoid what happened in 2015,” Tungwarara added.