A Chinese state-owned engineering company has signed a deal worth $4.3bn (£2.8bn) to build factories for a Nigerian cement company run by Africa’s richest man, Aliko Dangote.
China’s Sinoma will build seven plants across the continent and one in Nepal.
The new factories will add around 25 million tons to the firm’s existing cement capacity of 45 million tons.
Mr Dangote’s company also produces food, fertilizer and is investing in oil refineries.
He is keeping a close eye on China’s economic problems and the ensuing lower oil price.
“Of course we are affected,” he said, “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.”
Some of Africa’s economies have been adversely affected by the recent fall in commodity prices. However, many African nations are seeing a boom in infrastructure, for which cement is vital.
Source: BBC – Homepage
- Nigerian billionaire Abdulsamad Rabiu signs $600M construction deal with Chinese firm Sinoma
- Dangote Seeks Zimbabwe Investments in Cement, Power, Mining
- Africa’s richest man plans to almost double the continent’s cement production by 2020 (Infographic)
- Nigerian billionaire Abdulsamad Rabiu in talks with China’s Sinoma over $1.9B steel and cement deal
- Africa’s richest man Aliko Dangote on the Africa opportunity (Video)
- Africa’s richest man Aliko Dangote eyes 2016 London Stock Exchange listing of Dangote Cement (Video)
- Cement is the new oil as Africa’s richest man takes on Lafarge
- I will build Dangote Group into a $100B business, I still have plans to buy Arsenal, says Africa’s richest man Aliko Dangote (Video)
- Orji Uzor Kalu: The Nigerian Millionaire Who Wants To Negotiate With Boko Haram
- It’s time to invest in Africa – Here are 3 ways to get started
- In Africa’s oil capital, Africa’s richest man built an empire on sugar
- Nigeria – Racing ahead with ambitious infrastructure plans: This is Africa/Financial Times (Infographic & Report)
- How the Dangote Group will become a $100B business
- Aliko Dangote: In for the long haul
- Africa’s Richest Man: Aliko Dangote, Founder & CEO, Dangote Group (Video)
- Africa’s richest man Aliko Dangote plans to buy Arsenal in four years (Video)
- Nigeria’s Sahara to raise up to $1.4B in London & Lagos IPOs along with debut dollar bond sale
- Africa growth stays strong even as China slumps: Akinwumi Adesina, President, AfDB
- Africa’s richest man, Aliko Dangote, begins construction of $1B cement plant in Nigeria
- African M&A deal volume at a seven year high, says Mergermarket
- Lafarge Nigeria gets approval to merge South African and Nigerian units
- Invest Nigeria – Think Anambra (Presentation): Anambra State Investment Promotion and Protection Agency (ANSIPPA)
- Bright Africa 2014 – A guide to equity investing on the continent: RisCura (Report)
- Listing on African Stock Exchanges – Extractive Industries: KPMG (Report)
- Private equity in Africa: Context, opportunities, and risks – Global Counsel/Allen & Overy (Infographic & Presentation)
- Africa’s richest man Aliko Dangote courts Blackstone to boost Nigerian gas
- Africa’s richest man Aliko Dangote plans to quadruple Nigeria’s gas supply (Video)
- Ranks of African millionaires swell
- Africa’s Top 10 IPOs in 2014 (Infographic)
- Fact of the Day: Dangote Cement is Nigeria’s largest company by market capitalization
- Africa’s richest man Aliko Dangote may list Nigeria crude refinery once it’s profitable
- Cementing Africa’s future: The rise and rise of Aliko Dangote, Africa’s richest man
- Africa’s richest man Aliko Dangote and Italian giant Saipem form joint venture Saipem Dangote E&C
- Africa’s richest man Dangote opens Nigeria tomato factory to vie with Chinese imports
- Sub-Saharan Africa’s most and least resilient economies (Infographics): Anna Rosenberg, Head, Sub-Saharan Africa Research, Frontier Strategy Group
- Olam Bets on Africa Reward as On-The-Go Food Demand to Climb
- Nampak Plans Glass Factories in Africa’s Most Populous Nations
- Dangote Cement Seeking to Double Capacity to 80 Million Tons
- How Nigeria’s top tycoons made their fortunes
- Nigeria’s naira is tumbling after a currency float, but that’s a good thing