Africa’s richest man, Aliko Dangote (pictured), signed contracts with China’s Sinoma International Engineering Co. to build cement plants in nine locations, reports Reuters.
On Wednesday, Dangote’s contracts with Sinoma totaled $4.3 billion to create cement plants in Cameroon, Nigeria, Senegal, Zambia, Ethiopia, Kenya, Niger, and Mali as well as in Nepal.
While his company’s, Dangote Cement, current capacity is about 45 million tons, the new ventures would reportedly add 25 million tons to his capacity.
Speaking on the timeline of the project, Dangote said, “The projects are going to be delivered within the next 30 months.
“We are not going to stop there. By 2020, we are targeting 100 million tonnes.”
In addition to his success within Nigeria, Dangote has enjoyed increased profits outside of his homeland, with contribution to sales outside of Nigeria growing 11 percent from July 2014 to July 2015 due to cement plants already in Senegal, Zambia, Tanzania, South Africa, the Congo, Ethiopia, and Cameroon.
Dangote also runs cement terminals in Ghana, Sierra Leone, the Ivory Coast, and Liberia.
Dangote’s business isn’t only focused on cement, though.
His company also produces fertilizer, food, and invests in oil refineries.
China’s most-recent headlines haven’t been as positive, though. In fact, their well-publicized economic and oil woes have been affecting its business with Africa.
Speaking to this reality, Dangote explained why he — as well as his numerous businesses — aren’t dramatically affected by China’s struggles.
“Of course we are affected,” he said, “but we are not badly affected because we are not 100 percent in oil.
“We are a fully diversified company. So today if oil is doing [badly] it doesn’t mean we are doing [badly], and that’s the good thing about diversification.”
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