Thursday, 27 August 2015

China Signs $4.3billion Cement Deal with Dangote

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According to a report on Vanguard, a Chinese state-owned engineering company, Sinoma has signed a mega deal worth $4.3 billion to build Cement factories in Nigeria in partnership with Dangote Cement company. The chinese company also plans to build seven plants across the continent and one in Nepal.

Around 25 million tonnes are expected to be added by the new factories to Dangote’s cement company which currently has the capacity of 45 million tonnes.

Africa's richest man, Dangote who revealed that he is keeping a close eye on China’s economic problems and the ensuing lower oil price, said although his company is affected by the economic problems in China, the impact is not overwhelming.

"Of course we are affected, 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.

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