The Pan-African Conglomerate, Dangote Group has signed fresh investment agreements worth $750 million with the government of two African countries for the production of cement.
The Group last week signed a $350million investment agreement with the Central African Republic of Congo and another $400 million agreement with Ethiopian government.
The president and chief executive officer of the Dangote Group, Alhaji Aliko Dangote signed on behalf of his company at separate occasions in the capital of both countries.
Three Congolese Ministers, Mr. Pierre Moussa in charge of ministries of Planning, Economy, Integration and Coordinator of the Economic Pole; Mr. Rodolphe Adada, minister for Industrial Development and Private Sector Promotions and Mr. Pierre Oba of the ministry of Mines and Geology endorsed the agreement on behalf of the government.
Congolese minister of Industrial development, Adada, spoke on behalf of the government saying, “The Dangote project is important to our people and our economy as it enables us achieve President Denis Sassou Nguesso’s vision for a robust and diversified economy. The project will help the country significantly reduce the import of cement and even enable us become a net exporter of cement while boosting economic growth, development, job creation and income generation.
Adada added, “We are proud to have Dangote in Congo and it is a demonstration of an excellent relationship between the governments of the Federal Republic of Nigeria and the Republic of Congo.”
Speaking at the event, Alhaji Dangote said the intention of the group in its foray into Congo was not just to make profit but also to further empower the people of Congo, create new jobs and wealth.
The factory, which is to be located in the territory of the Administrative District of Bouenza in the Southern part of the country, will as a fully integrated plant process local limestone and other raw materials.
Similarly, the Ethiopian deal was signed also signed last week between Dangote’s president and Chief Executive Officer Alhaji Aliko Dangote and officials from the Ethiopia’s Oromiya region, where the plant will be constructed with an aim of producing two million tonnes per year.
The project is scheduled to be finalised in 2013.
Alhaji Aliko Dangote, the owner of the Dangote Group, is a Nigerian successful businessman. He has also invested in Ghana’s 1.2 million tonnes per year Tema Cement Factory, and other plants in Senegal, Benin, Cameroon, South Africa, Zambia, Tanzania, Democratic Republic of Congo and Equatorial Guinea. Dangote controls much of Nigeria’s commodities trade through his corporate and political connections. With an estimated current net worth of around US$ 13.8 billion, he was ranked by Forbes as one of the richest Nigerian citizens and richest person of African descent.