Business Reporter
AFRICA’s richest man, Aliko Dangote Wednesday announced a whopping US$1 billion investment plan in Zimbabwe after endorsing numerous agreements with relevant government officials.
This week’s visit marked the second bold attempt to invest in the Southern African nation following initial efforts almost a decade ago which failed to see the light of the day due to tariff disputes, and allegations of bribe demands, prompting the tycoon’s team to leave the country disappointed.
The heavily import dependent nation presents lucrative investment opportunities exposing the widening trade deficit which reached approximately US$2.1 billion, driven by imports growing faster than exports. While exports grew by 3% to US$7.4 billion, imports increased by 4% to US$9.5 billion, resulting in a 6% expansion of the deficit.
The tycoon touched the ground in the morning and spent almost the whole day at State House where he held discussions and signed a number of agreements with the President Emmerson Mnangagwa and his top officials.
Speaking to the media shortly after the meeting, the Nigerian based tycoon confirmed that over a billion dollars will be invested in the country.
“We have just signed an agreement between Zimbabwe and the Dangote Group to do various investments in various sectors. Some of which of course are in cement manufacturing, power installation and to bring petroleum products. You know I am also in the business of producing petroleum. We have one of the largest refineries in the world,” he said.
He said the investment injection for Zimbabwe is quite broad and committed to share finer details on the exact amount as the work progresses.
Quizzed on why he was back after numerous failed attempts almost a decade ago, Dangote hailed the Second Republic for managing to transform the economic environment.
“There is a lot of change between that time when we came and right now its solid .There is a lot of transparency. When you look at what His Excellency President Emmerson Mnangagwa has actually done in terms of turning the economy around. That is what gave us the confidence to say look, this is the right time to come and invest and it’s like someone has passed the exam , people have to give him a good mark ,” he said.
Earlier social media reports indicated that part of the investments could see a major boost in the country’s oil sector.
