Zim GBC News | Business Reporter
In a significant economic development, President Emmerson Mnangagwa has greenlit an official visit by Nigerian billionaire Aliko Dangote, paving the way for a potential US$1 billion investment in Zimbabwe’s cement, mining, and power sectors.
The high-level visit, facilitated by financial firm Bard Santner Markets Incorporated and Zimbabwean business adviser Ms Josephine Mahachi, marks a major step towards finalising one of the largest foreign direct investments in the country’s recent history.
The proposed investment aligns with President Mnangagwa’s Vision 2030, which seeks to transform Zimbabwe into an empowered, upper-middle-income economy.
In an statement, Presidential Investment Advisor Dr Paul Tungwarara confirmed the development, stating,
“The richest man in Africa is coming to Zimbabwe at the invitation of President Mnangagwa. The two have been in constant communication and we are presently working on the logistical aspects of the visit. We are keen to ensure that he makes a significant investment in Zimbabwe and avoid what happened during his previous visit in 2015, when he came but did not return.”
Sources close to the deal revealed that the Dangote Group plans to establish a fully integrated cement factory, a limestone quarry, a grinding plant, a coal mine, and a power station, with the combined projects valued at an estimated US$800 million to US$1 billion.
Ms Mahachi, who also facilitated Dangote’s 2015 visit, confirmed the Presidential approval.
“As much as I had hoped to keep this confidential until the right moment, it has proven challenging given the stature of the individual involved,” she said.
“I am pleased to confirm that Mr Dangote will be returning to Zimbabwe in the near future to explore new investment opportunities… This time, I have partnered with Bard Santner Incorporated, a distinguished financial institution, to ensure a seamless and well-coordinated process.”
A key facilitator from Bard Santner emphasised the alignment of the deal with a broader African investment vision.
“We are pleased to confirm that Mr. Aliko Dangote will be visiting Zimbabwe to pursue a big investment project on mining and power sectors. Our role is to ensure that the project is successfully consummated,” the banker said.
“Mr. Dangote has long championed the vision of Africans investing in Africa, a philosophy that strongly aligns with our own ethos… We thank His Excellency, President E.D. Mnangagwa and the Government of Zimbabwe for their unwavering support on this project.”
Mr. Dangote, Africa’s richest man and the head of the Lagos-based Dangote Industries Limited, operates a vast conglomerate with interests in 16 African countries.
While his previous visits to Zimbabwe in 2015 and 2018 laid initial groundwork, expectations are now high that with direct Presidential backing, this landmark investment will finally come to fruition, promising to spur economic development and create thousands of jobs.
Source: Ignite Media
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