Billionaire, Aliko Dangote, on Thursday, June 4, 2015, launched a $500 million cement plant in Ethiopia.
Billionaire launches $500M cement plant in Ethiopia
The new plant is located in Mugher, a town close to the capital Addis Ababa and is expected to initially produce 2.5 million tonnes of cement a year.
Aliko Dangote commissions cement plant in Ethiopia
Ethiopia’s population of 90 million consumes about 70 kilogrammes of cement per capita annually as compared with Nigeria where the annual per capita consumption is 127 kilogrammes.
"We are going to double this plant," Dangote said in a speech, according to Reuters, adding that reliable power supply was one of the attractions that lured the investment to Ethiopia.
Ethiopia is one of Africa's fastest-growing economies and a recent construction boom has led to a shortage of cement.
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