Republic of Cameroon and Dangote, Nigerian cement manufacturer, yesterday signed a $115 million investment agreement for the construction of a cement production plant, which will be producing 1.5 million metric tonnes of cement in Douala, Cameroon annually.
The President of Dangote Group, Alhaji Aliko Dangote and the Prime Minister and head of Government of Cameroon, Philémon Yang, signed the agreement at a ceremony in the East African country.
The company described the agreement as the first tranche of a $700 million long-term investment projection in Cameroon’s various real sector arms.
Other Cameroon government officials who signed parts of the agreement include Minister of Commerce, Mr Mbarga Atangana, Minister of States for Transport, Bello Bouba Maigari, Governor of Douala, Mr Francis Fai Yengo and Director General of the Cameroon Ports Authority Mr Dayas Monoume Jean Marcel.
Cameroon currently has only one cement producing company, CIMENCAM, with output of about 1 million tonnes from two plants.
Badel Ndanga Ndinga, Cameroon’s Minister of Industry, laid the foundation stone for the plant on Monday.