Africa’s richest man, Aliko Dangote, has announced a $400 million expansion of the Mugher cement plant in Ethiopia, doubling its annual production capacity to 5 million tons.
The investment comes shortly after the completion of his multibillion-dollar refinery project in Nigeria.
Bloomberg reports that the Mugher plant, which began operations in 2015 with an initial capacity of 2.5 million tons per year, has faced challenges, including regional unrest that led to attacks on company property.
In 2018, an attack resulted in the deaths of the country manager and two employees.
Despite these setbacks, Dangote remains committed to Ethiopia as a key market in his African cement empire.
Dangote Cement, which operates in 10 African countries, aims to achieve a total production capacity of 55 million tons annually across the continent.
The latest expansion includes the construction of a new greenfield grinding unit near Addis Ababa, further boosting output, BusinessDay reports.
The company had previously invested $19 million in 2015 to establish a bagging plant at Mugher, now producing 120 million cement bags per year.
Dangote, Chairman and CEO of the Dangote Group, described Ethiopia as his “best investment destination,” citing improvements in the country’s business climate.
Dangote said:
Brook Taye, CEO of Ethiopian Investment Holdings, welcomed the investment, emphasising Ethiopia’s focus on industrialisation and private-sector growth.
TimesNow.com.ng reported that Nigeria has inaugurated Africa’s largest oil refinery, aiming to alleviate persistent fuel shortages in the country.
Despite being a major oil producer, Nigeria predominantly exports crude oil and imports refined fuel for domestic use, resulting in frequent shortages.
Owned by Africa’s wealthiest individual, Aliko Dangote, the $19 billion (£15.2 billion) refinery has the capacity to address this fuel shortage.
The plant can produce about 650,000 barrels of petroleum products a day – more than enough to supply the country’s needs.
Additionally, the refinery complex located in the Lekki Area of Lagos State has a power station, deep seaport, and fertilizer plant, making it one of the largest integrated facilities globally.
Source: TimesNow.com.ng
