Africa’s richest man is not soft pedaling on the mission to invest in Africa, as he is set to re-shape Zimbabwe’s economy for the better.
Regardless of his dollar losses owing to naira setback, Dangote is not limiting his investments to Nigeria alone. On Monday the business mogul indicated his intention to extend his business investments to Zimbabwe.
“We had a very, very good meeting with the president and I told him that we have already decided to invest in three areas, one is power, second one is cement and third one is coal.”
“We have already made up our minds to invest and so we are here and we will invest.”– Dangote.
Dangote is about to spent as much as $400 million on the cement plant in Zimbabwe. The plant will produce about a million and half tons of cement a year, making it the biggest in the country.
The Nigerian billionaire said the idea is to salvage the Zimbabwean economy by providing job opportunities.
Dangote group has oil & gas, food and real estate investments in various countries across the continent.
The announcement for the Investment in Zimbabwe’s economy is hoped to help change the face of the country’s economy. It is also hoped that the outcome of the investment by Africa’s richest man will negate the rigidity in the country in terms of economic policies.
The economic freedom index of any nation is measured by these parameters:
- Rule of Law (property rights, freedom from corruption);
- Limited Government (fiscal freedom, government spending);
- Regulatory Efficiency (business freedom, labor freedom, monetary freedom); and
- Open Markets (trade freedom, investment freedom, financial freedom).
Judging from the above, Zimbabwe falls short of qualifying for an economically free country.
Foreign investments are believed to have been discouraged in Zimbabwe since the endorsement of the policy that mandated that locals hold majority stakes in all firms.