Africa’s richest man, Aliko Dangote, announced Wednesday that his Nigerian conglomerate, the Dangote Group, plans to invest at least $1 billion in a new petroleum pipeline, cement plant and power generation in Zimbabwe.

Dangote, the group's founder and CEO, formalized the investment agreement during a meeting with Zimbabwe President Emmerson Mnangagwa in Harare. The announcement marks a significant commitment to the southern African nation’s economy.

"We have just signed an agreement between Zimbabwe and the Dangote Group to do various investments in various sectors," Dangote told reporters. He confirmed the key areas of investment are cement, power generation, and a pipeline designed to transport petroleum products.

The proposed pipeline is intended to complement the Dangote Group’s ambitious plans to establish what is expected to be the world's largest oil refinery.

The industrialist had previously considered investing in Zimbabwe in 2015 under the administration of the late President Robert Mugabe but abandoned those initial plans for undisclosed reasons. 

When asked what spurred the renewed commitment, Dangote pointed to improved governance and stability in the country following the 2017 coup that brought Mnangagwa to power.

"There are quite a lot of changes between that time when we came and now," he explained. "The government is solid, there is a lot of transparency."

The Dangote Group operates in 17 African countries, and its subsidiary, Dangote Cement, is already one of the continent's leading cement manufacturers. The new investment is poised to significantly bolster Zimbabwe's infrastructure and industrial capacity.