The Bua Group has resumed its discussions with Chinese firm, Sinoma International Engineering Company concerning plans to build a steel plant in Nigeria and two cement factories in East Africa.
The Chairman, Bua Group, Abdulsamad Rabiu, announced this on Thursday giving a total cost of the projects to be worth $1.9bn.
Sinoma, which is said to be the only enterprise that possesses the core technology and a complete innovation system in the non-metallic material industry in China, had last year reportedly signed a $4.34bn deal with the Dangote Group to build various cement plants across Africa.
According to a Reuters report, each of the Bua steel plant, with capacity for 1.2 million tonnes, would cost $1.2bn, while the two cement plants, which would have an annual capacity of three million tonnes, would cost $700m.
The chairman stated last year that, last year that Bua had signed $600m worth of contracts with Sinoma International to double its cement production capacity and expand its market share in Nigeria.
With the efforts of these two, the cost of buying cement in the country might just get a bit more cheaper.