High optimism over Dangote investments

Published: 16 April 2018

The return of Nigerian billionaire Mr Aliko Dangote is a sign of renewed hope and confidence in the country, economists and industry representatives have said.

The business mogul is expected in the country after sending his investment delegation last week.

The team has since met President Mnangagwa and Mines and Mining Development Minister Winston Chitando, among other key investment partners.

Mr Dangote came to Zimbabwe in 2015 and expressed interest in investing in power generation, coal mining and cement production.

But his interest was scuttled by the previous administration through inconsistent policies and red tape.

Confederation of Zimbabwe Industries (CZI) president Mr Sifelani Jabangwe told The Sunday Mail that with all the investment opportunities the country is presenting, Mr Dangote is destined to return to Zimbabwe.

"With President Mnangagwa preaching the open for business gospel; multilateral institutions like the World Bank and the International Monetary Fund showing interest in extending credit lines to Zimbabwe; platinum investors pouring US$4,2 billion into the economy and Russian billionaire Mr Dmitry Mazepin exploring fertiliser manufacturing and mining opportunities in the country, certainly Mr Dangote does not want to be left out.

"Given the work on the ease of doing business and the fast tracked review of the Indigenisation and Empowerment Act, Mr Dangote seem to be impressed by the progress we are making as a country," said Mr Jabangwe.

Last week, Dangote Industries senior geologist Dr Norash Kumar said the company is interested in coal mining ventures.

Dangote Industries local representative Ms Josey Mahachi said they are hopeful things will work out this time around in their proposed US$1,5 billion investment deal.

"The technical group is back in the country," she said.

"In this the new dispensation, things are going to move smoothly.

Experts believe the Dangote team visit presents an opportunity for the country to create market linkages for the creation of wealth and jobs.

Economist Luckson Zembe said: "The return of Mr Dangote in this new dispensation shows great confidence in the new administration.

"Despite all that happened in the past (policy inconsistency, corruption and bureaucracy), (Mr) Dangote is certainly going to invest in the country, which will be a positive for our economy."

Mr Dangote is a Nigerian business magnate and owner of the Dangote Group.

The group has interests in commodities in Nigeria and other African countries. As of March 2018, he had an estimated net worth of US$14,1 billion.
- sundaymail

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