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

Photos: Actress Mide Martins Rocks Denim Bum Short

That's a hot body for a mother of two. Another pic after the cut...

Aisha Buhari & Dolapo Osinbajo In Geneva, Switzerland (Photos)

The Wife of The President, Mrs. Aisha Buhari and VP's wife Dolapo Osinbajo were spotted at a Joint Session of The African Women's Forum on Extremism and Radicalization in Geneva, Switzerland. It is a well known fact that H.E. Mrs. Buhari is from the North-East of Nigeria - the forefront of the insurgency crisis. Attending this forum in Geneva shows one of the ways Mrs. Buhari is also seeking strategic solution to the insurgency crisis in her own capacity. See more photos after the cut...

Match Highlights: Real Madrid 1-0 Granada: Benzema the difference in narrow win

Karim Benzema made it four goals in as many games for Real Madrid to help Rafael Benitez's men secure a 1-0 La Liga win over Granada in Saturday's encounter at the Santiago Bernabeu. The home side created a number of fine opportunities in the opening 45 minutes, yet failed to break the deadlock, while Granada did find the net before the interval, but Youssef El Arabi's effort was ruled out for offside.