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Nigerian Business Mogul, Aliko Dangote, Africa’s richest man, has announced plans to build a $400 cement factory in Zimbabwe. This announcement is a major boost for the southern African country in desperate need for inflow of foreign investment.
Zimbabwe has struggled to recover from a decade of economic contraction, that saw inflation skyrocketing to a billion percent rendering the local currency effectively useless. And this year the country cut it’s economic growth target to 1.5%, citing dwindling commodity prices and a scorching drought that his the agriculture sector, the country’s mainstay.
The Business mogul whose ever expanding empire spans many industries said after a meeting with Zimbabwe’s Vice President, Emmerson Wnangwa that he was also aiming to invest in power generation and coal mining in Zimbabwe. Dangote who is reportedly still in the country is also due to meet with Zimbabwean President Robert Mogabe.
Dangote Briefing journalist said “We have already decided to invest in Zimbabwe, that’s why we are here. Any country where you see us visiting, it means yes we have decided to invest there”.
He further stated that the proposed factory would produce about 1.5 Million tonnes of cement per year, but did not disclose how much building the plant would cost. If the project passes through required government paperwork and approvals, construction will commence in the first-quarter of next year.