The Aliko Dangote–led Dangote Group has concluded an investment agreement valued at more than US$1 billion with the government of Zimbabwe, the two parties confirmed on Monday.

Under the deal, Dangote Group plans to construct a major industrial complex in Zimbabwe consisting of a cement manufacturing plant, associated limestone quarry and grinding facility, a coal-fired mine, and a power generation station.

In addition, Dangote has proposed to build a petroleum pipeline running from Nigeria to the Namibian port of Walvis Bay, and onward to Zimbabwe, as part of his Southern Africa expansion strategy.

The deal builds on previous, unsuccessful investment attempts by Dangote in Zimbabwe in 2015 and 2018, when negotiations stalled amid regulatory and licensing difficulties.

Government officials in Harare say the agreement is a milestone in Zimbabwe’s drive to attract high-value foreign direct investment and accelerate industrialisation under the national Vision 2030 plan. According to a statement by Special Presidential Investment Adviser Paul Tungwarara, “we are keen to ensure that he makes a significant investment in Zimbabwe and avoid what happened during his previous visit in 2015.”

The investment will focus on key sectors: cement production, coal extraction and power generation. Sources say the projects are collectively valued between US$800 million and US$1 billion, with the final figure now confirmed to exceed that threshold.

In the pipeline proposal, Dangote’s broader regional infrastructure ambition is evident. The project contemplates a route from Nigeria through Namibia’s Walvis Bay port to Zimbabwe, enabling the transport of refined petroleum products and feedstock into Southern Africa.

Officials said the next steps will include detailed discussions on licences, concessions, tax incentives, work permits for technical experts, investment security and regulatory frameworks. Tungwarara indicated that Dangote will meet with President Emmerson Mnangagwa and senior government ministers to finalise the terms.

While the deal marks a major commitment from Dangote, observers point out that its execution will depend on the timely granting of permits and the alignment of local infrastructure and regulatory conditions. If implemented successfully, the investment could create thousands of jobs and enhance Zimbabwe’s industrial capacity in construction materials and energy.

For now, both parties say the agreement is signed in principle, with detailed project timelines and location selections to follow in coming weeks.

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