Dangote Cement,
Africa’s largest cement producer which is controlled by Nigerian billionaire Aliko Dangote,
on Sunday began the construction of a new $1 billion cement factory in Okpella,
Edo state, in Nigeria’s southern region.
According to a report
by Leadership newspapers,
the new 6 million metric tonnes per annum (mmtpa) cement plant will be
completed within 26 months and is expected to create 6,000 direct jobs and
45,000 indirect jobs for indigenes of Okpella.
Speaking during the ground-breaking
ceremony on Sunday, Dangote said that local cement manufacturers such as his
company and BUA Group (which is owned by fellow billionaire Abdulsamad Rabiu),
were saving Nigeria as much as $3 billion every year through cement import
substitution. He also urged other investors to make additional investment in
the sector as it would guarantee that local demands were met, while surpluses
would be exported to earn Nigeria much needed foreign exchange.
Apart from the 6-mmtpa Okpella plant Dangote has started building, he is
also currently constructing another 6-mmtpa plant in Itori, Ogun State. These
news plants will increase Dangote Cement’s local production capacity to 41
mmtpa annually.
Dangote, 59, is Africa’s richest man with a current net worth of $17.3
billion according to the FORBES’ real-time billionaire scoreboard on Tuesday.
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