Nigerian tycoon to invest $400m in Zambia cement plant By ELIAS MBAO in Lusaka | Friday, December 10 2010 at 19:50
Nigerian tycoon Aliko Dangote will invest $400 million to build a cement making plant in Zambia.
Speaking at the signing ceremony of an investment promotion and protection agreement between Dangote Industries Limited and the Zambian Government in Lusaka Friday, Mr Dangote said his firm’s investment was among the largest outside the traditional mining sector and Chinese concerns in Zambia.
“From our projections, our proposed cement plant in Zambia, with an installed capacity of 1.5 million metric tonnes per annum, will be up and running 27 months from February/March 2011,” said Mr Dangote, who Forbes Magazine named as the third richest person of African descent.
“By mid-2013, we will have in place a world-class cement plant that will promote economic development in Zambia.”
Our choice of Zambia for this multi-billion dollar investment is quite strategic, he said, adding that the World Bank in 2010 named Zambia as one of the “world’s fastest economically reforming countries”.
“Our investment in cement in Zambia will help to complement the (Zambian) government’s efforts in stimulating economic growth and creating jobs,” said Mr Dangote.
Zambia’s trade minister Felix Mutati said Dangote Industries Limited’s investment in Zambia will benefit the local economy.
- 12 Nigerian soldiers sentenced to death for mutiny
- The girl who met Gaddafi 'in hell'
- Oliver Mtukudzi discloses HIV status
- South Sudan bans all foreign workers, including aid staff
- Former CNN anchor to open media offices in South Africa and Nigeria
- Uganda police seize 'explosives from Al-Shabaab cell'
- 'Worst shipwreck in years' leaves 500 boat migrants feared dead
- Nigeria's growing number of female oil bosses
- Botswana ranked best governed country in Africa again
- Somalia in maritime boundary row with Kenya