Skip to main content

China signs deal with Africa's richest man, Aliko Dangote



A Chinese state-owned engineering company has signed a deal worth $4.3bn (£2.8bn) to build factories for a Nigerian cement company run by Africa's richest man, Aliko Dangote.

China's Sinoma will build seven plants across the continent and one in Nepal.
The new factories will add around 25 million tonnes to the firm's existing cement capacity of 45 million tonnes.
Mr Dangote's company also produces food, fertiliser and is investing in oil refineries.
He is keeping a close eye on China's economic problems and the ensuing lower oil price.
"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.

Comments

Popular Posts

OMG! Lagos Hospital Chains Woman To Urinal Pipe To Prevent Her Escape Over Unpaid Bills.

Samaria Hospital, a private medical facility in Lagos, has detained a woman for more than one month over the woman’s failure to pay her bills. The hospital, which is based in the Ikotun Egbe area of Lagos, has detained Jessica Ugwuoke since August 12, 2015, after the woman and her relatives said they could not afford to pay the bill for her Caesarean section (CS).