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Dangote invests $1 billion in Senegal

Posted by businessday9jabook on March 2, 2011 at 4:18am
The Senior Adviser to Senegalese President on Foreign Investment, Serigne Mbacke, says Dangote Group has over one billion dollar (N150 billion) investment in cement manufacturing and sugarcane refinery in Senegal.Mr Mbacke told journalists at a stakeholders’ forum in Lagos on Tuesday that his country gave about 8,000 hectares of land to the group for cement manufacturing and sugar refining. According to him, the group’s investment is one of the biggest foreign direct investments by an Africa company in Senegal.Mr Mbacke said that the investment is an indication of a strong belief in the future growth of African economy. He said Dangote’s production target of about 45 million tonnes of cement is feasible with the level of massive investment in the expansion of old plants and construction of new plants in African countries.The senior adviser said that Senegal, with a population of about 16 million, is becoming one of the fastest growing economies, adding that the demand for cement is high because of the demands to meet housing needs.He said that the country had all the raw materials to produce enough cement for local consumption and export to other continents.
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