Dangote Group is set to produce 20Mt of cement this year, thereby reducing Nigeria’s dependence on imports.

In pursuance of this, it has invested a further $3.5 billion into expansion of its Obajana Cement Plant operations as well as the construction of a new plant in Ibese, Ogun State. According to a statement made available to BusinessDay, the investment was applied towards construction of the cement factories by Sinoma.

The Group said that the sum of $3.5 billion was made up of a loan of $1.28 billion funded by a consortium of 10 Nigerian banks in May 2008 with it funding the difference.

Published under Cement News