Dangote scouts for investment opportunities in Zimbabwe, no deal signed yet — Presidency
HARARE, Zimbabwe — Nigerian billionaire Aliko Dangote is on a scouting mission in Zimbabwe as part of his plans to expand investment across southern Africa, but no deal has been signed yet, the Office of the President said Wednesday.
George Charamba, the Deputy Chief Secretary for Presidential Communications, confirmed the visit through his pseudonymous X (formerly Twitter) handle, @Jamwanda2.
“His Excellency the President, Dr ED Mnangagwa, has received the Nigerian businessman and investor, Mr Dangote, who is in the country to scout for investment possibilities. The Nigerian billionaire jetted in early this morning and is set to meet various Government Departments with a bearing on his areas of interest,” Charamba wrote.
Charamba said Dangote’s investment philosophy centers on ensuring Africa benefits directly from its own resources.
“A key feature of the businessman’s investment philosophy is his belief that Africa’s resources should be beneficiated on the continent to create jobs on the continent,” Charamba wrote. “He is also into fertilizer production with a view to making the Continent food-secure.”
Charamba added that the Dangote Oil Refinery Project in Nigeria, now producing 650,000 barrels a day, has helped reduce fuel prices there to around 50 cents per liter.
“The Group is working on establishing an oil Refinery Project at Walvis Bay, Namibia, with a pipeline linking Namibia, Zimbabwe, Zambia, Botswana,” he posted.
Government sources said Dangote’s current visit to Zimbabwe is exploratory, aimed at identifying potential investment opportunities in energy and fertilizer production. The Zimbabwean government views Dangote’s possible investment as part of its broader effort to industrialize, add value to local resources, and create jobs.
Dangote Industries Limited, one of Africa’s largest conglomerates, operates in multiple sectors including cement, sugar, oil refining, and fertilizer production. Its planned expansion into southern Africa could position Zimbabwe as part of a regional network of oil and fertilizer supply linked through Namibia’s Walvis Bay.
This is not Dangote’s first attempt to invest in Zimbabwe. The last effort, nearly a decade ago, collapsed amid government red tape, tariff disputes, and allegations of corruption. Dangote’s team reportedly left frustrated by delays and claims that some officials sought bribes.
