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Dangote Cement plc is set to inaugurate its 5th cement factory in Africa and the first in Ethiopia, next week in the presence of Prime Minister Hailemariam Desalegne and top members of Nigeria’s business community.
The cement factory that has a capacity of producing 2.5 million tons of cement per year and is built at an estimated cost of USD 480 million is the 5th cement plant for the Nigerian billionaire on the continent with previous investments in South Africa, Senegal, Zambia and the Republic of Congo. The 6th plant is also scheduled to be opened in Tanzania in August this year.
The cement factory is part of a continent wide project by Dangote Cement planning to invest USD 5 billion in manufacturing plants in 14 countries. Just recently in March 2015, a USD 300 million green-field cement plant rolled out products in Senegal.
With all the investments in different areas of Africa, Dangote Cement is planning to reach an annual production capacity of 62 million tons by 2017.
Dangote Cement Plc is a publicly traded cement manufacturer headquartered in Lagos, Nigeria. The company is engaged in the manufacture, preparation, import, packaging, and distribution of cement and related products.
The company is a subsidiary of Dangote Group and is the largest company traded on the Nigerian Stock Exchange. In 2013, the company produced and sold 13.3 million metric tonnes of cement, with revenues of USD 2.4 billion and as of 2014, Dangote Cement had a market capitalization of USD 20 billion.
The Dangote Group is a diversified conglomerate, headquartered in Lagos, Nigeria, with interests across a range of sectors in Africa. It is the largest industrial conglomerate in West Africa and one of the largest in Africa. It generated revenue in excess of USD 3 billion in 2013. The group is one of the leading diversified business conglomerates in Africa. The company employs more than 26,000 people.
Current interests include cement, sugar, flour, salt, beverages and real estate, with new projects in development in the oil and Natural gas, telecommunications, fertilizer and steel.