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

BREAKING: Policemen shoot UNIOSUN students

There is confusion at Oke Baale area of Osogbo, the Osun State capital, as some policemen allegedly opened fire on some students of the Osun State University while playing football on Saturday morning. Our correspondent gathered that that two students were hit by the bullets. One of them identified as Abiola Kazeem, was said to have been hit on the stomach and was rejected at two hospitals before he was taken to LAUTECH Teaching Hospital Osogbo where he is now being treatment.

THE LIBRARY: Fiction And Non-Fiction

If you haven't done so, you should make yourself well familiar with the arrangement of books in your school library, and should have a good idea of the different sorts of books in it. Books are either fiction or non-fiction. Fiction are novels or stories; they are not true but imagined. They are to entertain you. Non-fiction is the opposite. It can be biography, travel, history, geography, science, language study etc.

BRIEF: Tonto Dikeh, The White Wolf And Her Devil's Cargo

The woman who just divorced her husband with a child, no - he actually ran away from her, made a tweet about how God would still bless you even if your fashion sense is an eyesore.