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

Aha! New Deadly Snake Species Found in Australia

There is a new deadly snake found in Western Australia, specifically in the north region of Kimberley. Hence, this is called Kimberley death adder; named after the place where it was discovered. This is known to be one of the top 10 deadliest snakes in the world. Though this is rarely found in other parts of the world, this is endemic in Western Australia where it was found.

[PHOTOS] Phyno Becomes Nairabet Ambassador!

Popular indigenous rapper Azubuike Chibuzo Nelson, well known as Phyno has joined the list of entertainers as ambassador of online sports betting portal, Nairabet.

We will work with Buhari to destroy BokoHaram, says US

The United States of America has said it will work with President Muhammadu Buhari to stop the menace of Boko Haram in Nigeria and its neighbouring countries. Erstwhile President Goodluck Jonathan had complained during his tenure about the unwillingness of the American government to assist Nigeria in prosecuting the war against the terrorist group, especially in selling weapons to the country. But Washington said it would work with Buhari to likely increase the US’ level of support though it did not say whether that would include sales of lethal weapons earlier requested for by the Federal Government. The US Assistant Secretary, Bureau of African Affairs, Linda Thomas-Greenfield, during a telephone press briefing on Monday, held in South Africa at the 25th African Union Summit, and monitored by our correspondent in Lagos, stated that Washington was committed to ensuring that Nigeria wins its battle against the terrorist group. “Fighting terrorism is not easy. Since 2001 we have...