Nigeria’s Dangote Group said it will invest $1 billion in Zimbabwe. Billionaire industrialist Aliko Dangote signed an agreement with the Zimbabwe government this week after a meeting with President Emmerson Mnangagwa, targeting projects in cement and power generation, as well as an oil pipeline.
It is the latest move in a continent-wide expansion drive by the Nigerian conglomerate since it announced in August that it had agreed a $2.5 billion joint venture with Ethiopia’s government to build a fertilizer manufacturing plant.
The group plans to double the capacity of its oil refinery in Lagos, will invest $700 million in ramping up its sugar plant in Nigeria, and opened a $160 million cement plant in Côte d’Ivoire in October.