A Chinese state-owned engineering company, Sinoma has signed a deal worth $4.3bn to build Cement factories in Nigeria in partnership with Dangote Cement company. The chines company also plans to build seven plants across the continent and one in Nepal.
The new factories are expected to add around 25 million tonnes to Dangote’s cement company which currently has the capacity of 45 million tonnes.
Mr. Dangote who revealed that Hh is keeping a close eye on China’s economic problems and the ensuing lower oil price said although his company is affected by the economic problems in China, the impact is not overwhelming. “Of course we are affected,” he said, “but we are not badly affected because we are not 100% in oil.
“We are a fully diversified company. So today if oil is doing badly it doesn’t mean we are doing badly and that’s the good thing about diversification.” Africa’s economies have been hit hard by the fall in commodity prices but many are seeing a boom in infrastructure, for which cement is vital. Click to signup for FREE news updates, latest information and hottest gists everyday
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