Aliko Dangote, yesterday, unveiled its business expansion plan with intention to launch several new cement and sugar plants as well as mines across the continent. Dangote said that the company’s plan to invest offshore Nigeria is meant to accelerate business development in Africa.
Africa’s richest man said that African economies are facing challenges and this was the time to move in to build African empire business. Dangote said a slump in commodity prices, lower demands from China and investor flight from risky emerging markets have hit African economies and state budgets hard, raising borrowing costs and the prospect of instability.
He said his industrial empire would expand its cement production in several African countries, betting on a future construction boom. “We believe that the future is mostly to do with infrastructure. There is so much of a deficit in infrastructure,”
Last August, Dangote Cement said it had signed contracts worth $4.34 billion with China’s Sinoma International Engineering Co. to build cement plants and boost production by 25 million tones annually.
But now, Dangote Group, which is Nigeria’s biggest listed firm will add an extra $400 million as some projects were turning out larger than initially planned.
