{{Africa’s richest man, Nigerian Aliko Dangote, plans to invest $400 million in a cement plant in Kenya, the east African nation’s president’s office said.}}<\/p>\n
Dangote owns various businesses under the umbrella company of Dangote Group, among them, Dangote Cement (DANGCEM.LG), which said in May it was investing $5 billion to build cement plants on the African continent.<\/p>\n
He was part of a business delegation that was visiting Kenya with Nigeria’s President Goodluck Jonathan. The countries signed bilateral deals in sectors including tourism, agriculture and oil and gas.<\/p>\n
“(President Uhuru Kenyatta) particularly cited the … the decision by Nigerian tycoon Aliko Dangote to invest $400 million in a cement processing plant as an indicator that an “exciting journey has begun”,” Kenyatta’s office said in a statement late on Friday.<\/p>\n
The statement did not give details on timelines, or the plant’s capacity. There was no immediate comment from the company.<\/p>\n
Dangote Cement, Africa’s biggest, said earlier this year it would expand its pan-African production capacity to 55 million tons by 2016, without giving a comparable figure.<\/p>\n
Other countries the cement company has previously said it planned to venture into include Cameroon, Ethiopia, Zambia, Tanzania, Senegal and South Africa.<\/p>\n
Cement companies already operating in Kenya include Bamburi Cement (BAMB.NR), ARM Cement (ARM.NR) and East African Portland Cement (PORT.NR).<\/p>\n
Kenya produced 412,529 tons of cement in July, up from 402,621 tons a month earlier, according to the Kenya National Bureau of Statistics. Cement consumption stood at 332,009 tons, from 341,942 tons a month earlier.<\/p>\n
reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
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