Business
Dangote invests $20 million in Liberia
Nigerian billionaire., Aliko Dangote. PHOTO/File
Nigerian billionaire Aliko Dangote has signed a 20 year agreement with the Liberian government enabling him to open a branch of his cement manufacturing empire in the country.
The deal signed last Friday opened the way for Africa’s second richest man to invest some US$20 million in Liberia’s cement industry, a major investment for the war-ravaged country’s reconstruction program.
The agreement will see the construction of a cement factory at the Freeport of Monrovia, where the agreement was signed.
Dangote is also president and chief executive officer (CEO) of Dangote Cement Group, Plc.
“It will speed up reconstruction, create more jobs and expand the economy,” said Matilda Parker, head of Liberia’s National Port Authority (NPA), who signed on behalf of the Liberian government.
She described the investment by the Nigerian businessman as demonstrative of “African solidarity”.
Mr Dangote said in brief remarks that his company was committed to job creation for Liberians with an initial employment outlay of 250. He also expressed his company’s desire to ensure the production and supply of quality and affordable cement on the local market.
Dangote Cement-Liberia, which is expected to kick off operations within six weeks from the signing of the agreement, is a subsidiary of the Dangote Cement PLC of Nigeria, which was established in 1978.
The parent company is worth over US$18 billion in investment capital.
Dangote, is said to be worth an estimated US$10.1 billion as of November 2011. Besides the cement business which he has been expanding across the West African region, he also has interests in sugar, flour, salt, textiles, real estate, as well as oil and gas.