Nigerian billionaire, Aliko Dangote, has announced plans to invest over $250 million in the cement industry in Ethiopia, according to media reports here on Tuesday.
According to local media reports, Aliko under his company, Dangote Industries Ltd., have taken investment license during the past months from the Ethiopian Investment Agency.
Accordingly, his company will in week’s time start its construction works in the Oromia regional state of Ethiopia, which is known for its many investment opportunities.
According to a report by a local newspaper; Addis Admass, the representative of Dangote Industries Ltd in Ethiopia, Teshome Lemma has indicated that their planned factory will have the capacity to produce 2.5 million metric tons of cement annually.
The factory, which promises to be the biggest investment in the cement industry in Ethiopia, is expected to create job opportunities for over 2,000 Ethiopians.
Ethiopia is currently facing cement scarcity due to the construction boom in Addis Ababa. As a result, the country is also currently importing a huge amount of cement to tackle the shortage.
According to available information, at the age of 21, Aliko Dangote became a stock trader from a loan by his uncle. After he built his company, the Dangote Group, into a conglomerate with interest in sugar, flour milling, cement and salt processing, he struck gold when his sugar production company was listed on the Nigerian stock exchange in 2006. Presently, the Dangote Group dominates the sugar market in Nigeria and it is also Nigeria’s largest industrial group.
Dangote is ranked the 334th richest man in the world with $3 billion. Ethiopia’s Sheik Al-Amoudi is said to be the richest African with $9 billion. He is also involved n the cement industry in Ethiopia.
SOURCE: The Times of Nigeria
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