Dangote Industries Limited signed $60 Million deal to Construct a Cement Factory
By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- The foundation of a cement manufacturing plant, with an annual capacity of 1.5 million tonnes in Lome, is anticipated to meet both local and neighboring countries’ demand, the release noted. This plant will use clinker from Togo and Nigeria.
The erection of the Lome Plant is billed to start it first quarter of 2020, its commissioning is scheduled to take place before the end of 2020. The investment roughly calculated at $60 million is hoped to create 500 direct jobs.
This marks Dangote’s first thrutched into Togo, setting billionaire Aliko Dangote’s firm up for competition against Germany’s Heidelberg Cement, which operates three companies there, and Fortia Cement.
With the completion and commissioning of the Dangote Petroleum Refinery and fertilizer complex in Ibeju-Lekki-Lagos, Dangote Group will be the largest ammonia producer on the African continent, the release stated. Ammonia is an essential ingredient in the transformation of phosphate into fertilizer derived from phosphates. Under the agreement, Togo will provide access to phosphate resources and the Dangote Group will provide access to ammonia and to the Nigerian market.
The project, in concert with the second pillar of the Togo National Development Plan, would affirm the production of more than 1 million tonnes of fertilizers derived from phosphate once completed. The investment is cost at about $ 2 billion and is helped to rate several thousand direct jobs. Mining development work will start before the end of 2019, it added.
Togolese President, Faure Gnassingbe said, “The structural transformation of our economy is the main objective we have set ourselves I the context of the 2018 – 2022NDP. By processing our phosphate, we will not only crate jobs but we will also be able to provide our farmers with good quality fertilizers at an affordable cost. Having an industrial investor like Alhaji Dangote, shows that our efforts to improve the business climate are paying off. WE intend to continue in this dynamic for the well-being of Togolese men and women”.
President/CEO Dangote Group, Aliko Dangote said, “The partnership is in line with our transformation agenda in creating prosperity and enhancing economic development not only in Togo but also in Nigeria. In addition, the Dangote Group is determined in supporting the Government of Togo in its industrialization strategy aimed at creating jobs for its citizens and making Togo an attractive investment destination”.
The two investment agreement reinforces Togo’s industrialization strategy adopted under the 2018 – 2022 National Development Plan.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent