Nigeria’s Dangote Cement expands to Ethiopia with $500 million plant – Yahoo News

By Aaron Maasho

MUGHER, Oromiya, Ethiopia (Reuters) – Nigeria’s Dangote Group on Thursday opened a $500 million cement plant in Ethiopia, one of Africa’s fastest-growing economies where a construction boom has fuelled a shortage of cement.

Dangote Cement, owned by Africa’s richest man Aliko Dangote, is seeking to expand its interests and develop cement plants across Africa to reach annual production of 62 million tonnes by 2017, up from 42 million last year.

The new plant is in the western Ethiopian district of Mugher at a site some 85 kilometres from the capital Addis Ababa, which is surrounded by green pastures but is quickly becoming one of the country’s main industrial hubs.

The plant will initially produce 2.5 million tonnes a year in a country whose population of 90 million only consumes around 70 kilogrammes of cement per capita annually and the company said it plans to further expand its…

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