Aliko Dangote, President and Chief Executive of Dangote Industries Limited (DIL), has signed an agreement with Zimbabwe’s President Emmerson Mnangagwa for new $1 billion investments in the country.

President Mnangagwa announced the development in a post on his X (formerly Twitter) account, saying, “Nigerian businessman Mr Aliko Dangote, who is in Zimbabwe to explore investment opportunities.”

The agreement between the Zimbabwean government and the Dangote Group covers projects in energy, cement, fertilizer, and infrastructure, in line with the country’s “Vision 2030 agenda.”

Dangote confirmed that the Group will invest at least $1 billion in Zimbabwe for a petroleum pipeline, power generation projects, and a cement plant.

“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,” Dangote told reporters in Harare.

He added that the planned pipeline will align with the company’s goal of building the world’s largest oil refinery.

Dangote first visited Zimbabwe in 2015 under the late President Robert Mugabe but later suspended his investment plans. Asked what had changed, he said,

“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.”

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