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

SHIT: Drake makes Grammy with his Meek Mill Diss track

Yesterday Grammy announced its nominees for next year’s award ..and one nomination stood out. Drake’s infamous Meek Mill diss track ‘Back to Back’ was nominated for Best Rap Performance, marking the the first time ever, a diss track will be nominated for a Grammy… Well see what Meek Mill posted on instagram not along after the nominations were announced below:

Besiktas to move for Mikel

Besiktas have turned their attention to Chelsea midfielder John Obi Mikel after a move for Liverpool's Lucas Leiva stalled on loan with the Reds now keen to keep the Brazilian.

Edo Police confirm death of abducted don, arrest five suspects

The Edo State Police Command on Friday said that it had discovered the lifeless body of a lecturer of the Ambrose Alli University, Ekpoma, Professor Paul Erie, who was abducted by kidnappers, three months ago.