Aliko Dangote, has revealed plans to invest about $60 million in West Africa’s Togo for the construction of a cement manufacturing plant with an annual capacity of 1.5 million tonnes.
The factory, to be situated in Lomé, will use clinker from Togo and Nigeria and will meet both local and neighbouring countries’ demand.
Construction is billed to commence in the first quarter of 2020 and its commissioning scheduled to take place before the end of 2020, with about 500 direct jobs expected to created.
Apart from this, Dangote has received the backing of the Togolese government to develop and transform the country’s phosphate into fertiliser for the West African sub-region in a bid to improve consumption of the product in Africa.
With over two billion tonnes of phosphate reserves, Togo is one of the leading phosphate producers in Africa. By partnering the Dangote Group, the country intends to benefit from the expertise and investment capacity of Africa’s largest industrial group, according to a joint release issued by the Dangote Group and the Communications Department of the Presidency of the Republic of Togo.
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Commenting on the deal, Togolese President, Mr Faure Gnassingbé said, “The structural transformation of our economy is the main objective we have set ourselves in the context of the 2018-2022 NDP.
“By processing our phosphate, we will not only create jobs but we will also be able to provide our farmers with good quality fertilizers at an affordable cost.
“Having an industrial investor like Alhaji Dangote shows that our efforts to improve the business climate are paying off. We intend to continue in this dynamic for the well-being of Togolese men and women.”
President/CEO of Dangote Group, Mr Aliko Dangote, said, “This partnership is in line with our transformation agenda in creating prosperity and enhancing economic development not only in Togo but also in Africa.
“In addition, the Dangote Group is determined in supporting the Government of Togo in its industrialisation strategy aimed at creating jobs for its citizens and making Togo an attractive investment destination,” he added.