Dangote signs $4.3bn Cement deal with Chinese firm

A Chinese state-owned engineering company, Sinoma, in partnership with Dangote Cement company, has signed a deal worth $4.3bn to build Cement factories in Nigeria. 
The Chinese company also plans to build seven plants across the continent and one in Nepal.
 The new factories are expected to add around 25 million tonnes to Dangote’s cement company  which currently has 45 million tonnes capacity.
This, as Dangote, who revealed that he is keeping a close eye on China’s economic problems and the ensuing lower oil price said, although his company is affected by the economic problems in China, the impact is not overwhelming.
 “Of course we are affected,” he said, “but we are not badly affected because we are not 100 per cent 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,”he added.
 Africa’s economies have been hit hard by the fall in commodity prices but many are seeing a boom in infrastructure, for which cement is vital.