Richest African Man Building Fourth Cement Plant in Nigeria
Africa’s richest man, Aliko Dangote, agreed with a Chinese firm to construct a 6 million-ton cement plant to expand output and exports in his home market of Nigeria.
The billionaire and China Sinoma International Engineering will build the plant in southwest Nigeria within 27 months, according to statement by Dangote Industries Ltd. On completion, the company’s fourth factory in the country will increase local output capacity to 41.25 million tons from 35.25 million tons.
Africa’s biggest producer of cement is investing in additional capacity to meet strong demand in Nigeria and across Africa, where inadequate infrastructure has widened opportunities. An expansion in Nigeria will enable the company to ramp up exports and boost dollar receipts, required to ease a national shortage of foreign currency.
The Itori plant is planned to produce clinker, which Dangote exports to countries including Cameroon and Senegal, the company said.
Source: Bloomberg