Nigerian billionaire Aliko Dangote has said he will not rescind on the decision to invest in Zimbabwe, despite negative reports concerning the country’s economy.

Mr Dangote said in an interview that he currently has a team in Zimbabwe finalising logistics and making preparations to begin operations. His conglomerate intends to set up a cement manufacturing plant capable of producing 1.5Mt per year, whilst also investing in power generation and coal mining. Mr Dangote has already secured the necessary licences from the Zimbabwe Investment Authority, as confirmed by ZIA chief executive, Richard Mbaiwa.

Aliko Dangote also recently entered into a US$4.3bn deal with Sinoma, increasing his group’s cement production to 70Mta. Dangote Holdings aspires to reach 100Mta by 2020 and the Zimbabwe investment features as one project that will help attain the target.