Dangote set to inaugurate $480m cement factory in Ethiopia

isaac

May 25, 2015 5:41 PM

Nigerian investor and richest man, Aliko Dangote has expanded his business concern to Ethiopia as he is set to inaugurate his cement company in the horn of Africa.

Dangote Cement

Alhaji Aliko Dangote is set to expand the frontier of his business portfolio by opening a branch of his cement factory in Ethiopia.

The company which will be inaugurated on June 5, will start operations with an estimated 2.5 million tonnes of cement per annum cement as the company inches towards the mark of 40 mtpa global production capacity before the end of 2015.

Located in Mugher District, the cement plant is said to be the single largest investment by an African in that country and the fifth offshore cement plant of the company to be rolled out in the last one year in Africa, coming after Senegal, Cameroon, South Africa and Zambia.

According to a statement released by the Dangote Group, the government and the people of Ethiopia are excited about the completion of the project and the economic prospects of having such a huge company in their country.

The opening ceremony of the factory will be performed by the Prime Minister of the country, Haile Desalegne, while top members of the Nigerian business community.

The statement also added:

"The company is investing $5bn to build an African cement empire, with factories plants in 14 African countries."

isaac