One of Nigeria’s top companies, Dangote DANGCEM.LG plans on making a substantial investment in Cameroon.
Nigerian cement manufacturer Dangote DANGCEM.LG plans to invest $100 million to build a cement factory in Cameroon, local media cited the group as saying on Monday.
“We have reached an agreement with Cameroonian,” Dangote general manager Aliko Dangote told the official daily Cameroon Tribune. “If the cement business succeeds our group will move into other domains of the Cameroonian industry,” he said.
Cameroon has only one cement producing company, CIMENCAM, with annual output of about a million tonnes from two plants.
While the country has reached other deals with South Korean and Chinese firms to build cement factories, the projects have yet to be launched.
More proof that African companies are leaving home and spreading their wings in-across Africa. For long term economic stability and growth, Africa needs more MA’s (Mergers and Acquisitions).