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! Small Children Rocking Themselves In Intimate Dance At A Party

Underage kids were video here dancing erotically to an equally indecent music at a children's party. After watching this video, I was was more than convinced that we are the last generation of homo sapiens (wise man/woman), the next generation are just evolving into some species that will shake everything we call values.

Apprentice Allegedly Kidnaps Her Boss' 2-Year-Old Son In Lagos

A fashion design apprentice identified as Ayomide has allegedly abducted her boss's 2 year old son David Sunday Ushie pictured above at the boy's mother's fashion designing shop located in Ajegunle. This happened on Thursday September 17th.

Alleged N108bn fraud: EFCC confiscates Governor Akpabio’s wife’s school

A school allegedly belonging to Unoma Akpabio, the wife of the immediate past governor of Akwa Ibom State, Godswill Akpabio, has been seized by the Economic and Financial Crimes Commission. It was learnt that the seizure was part of investigations into the former governor who has been accused of alleged N108bn fraud during his tenure from 2007 to 2015. One of our correspondents who visited the school, St. John Paul II School, in Shelter Afrique, Uyo, Akwa Ibom State, observed that the school had been marked “under investigation by EFCC.” It was learnt that the EFCC resorted to marking the school instead of shutting it so that innocent parents and students who had paid school fees would not be adversely affected.