Dangote Group to double investments in Ethiopia

The Dangote Group announced plans to double its investment in Ethiopia. The announcement came following talks Aliko Dangote, owner of the Dangote Group, had with Ethiopian Prime Minister Hailemariam Desalegn. During the talks, PM Hailemariam confirmed Ethiopia’s commitment to provide the necessary support for investment, according to Zadig Abreha, media and public relations deliverology minister of the Prime Minister.

Stating that he had invested more in Ethiopia than any other African country, Dangote said he wants to double his investment in the cement sector in the future. He further told the Premier that the group has a plan to build a cement-bag manufacturing plant. “We are not one-time investors,” he said, adding “we will ensure mutual benefit by facing together the challenges in the country.” Africa’s richest man and Nigerian business tycoon also commended the government of Ethiopia in its efforts to find solutions for problems that occur in some places. According to ENA, Dangote’s investment in Ethiopia currently hit US$600 million.

He opened a cement plant in Ethiopia in 2015 at a cost of US$480 million at Mugher, about 85 km from Addis Ababa. The factory has a production capacity of 2.5 million tonnes of cement per annum. Ethiopia is the most profitable market for Dangote Cement. It sold 1.7 million tonnes in the first nine months of 2017.