Africa’s richest man, Nigerian billionaire Aliko Dangote, will invest $400 million to build a cement plant in Kenya, the Daily Nation has reported.
Dangote
made the announcement on Friday in Nairobi, during a Kenya-Nigeria
investment roundtable attended by prominent businessmen from both
countries. Dangote is part of a business delegation visiting Kenya with
Nigerian President Goodluck Jonathan. Kenya’s President Uhuru Kenyatta
had invited the Nigerian President on a three-day state visit in an
effort to boost bilateral cooperation between the two countries.
Dangote
said that his Lagos-listed cement company, Dangote Cement, would start
construction of a two million tonne-capacity cement factory within the
next few months.
“We
have realized that if we really want to do something big in East
Africa, we must operate in Kenya. We believe that in the next two and
half years, we will be the dominant player in cement in Kenya,” Dangote
reportedly said.
Dangote
Cement may be the dominant player in the next three years, but it
certainly won’t be an easy ride. Dangote will have to contend with
Kenyan firms Bamburi Cement and Athi River Mining, the two biggest cement manufacturing companies in East Africa.
Culled from Forbes
No comments:
Post a Comment