Dangote Group has announced significant investment plans in Ethiopia, including expanding cement production capabilities. A new grinding unit and a sugar industry investment are in the pipeline. CEO Aliko Dangote expressed his confidence in Ethiopia’s economy, signaling a strong commitment to African-led development.
Dangote Group, a prominent industrial force in Africa, reveals significant investment plans in Ethiopia, highlighting the nation’s emerging status as an attractive investment destination. Chairman and CEO Aliko Dangote affirmed his optimism towards Ethiopia’s economic landscape after a meeting with the Prime Minister, asserting, “Our 2.5 million-ton cement plant in Mugher remains a key part of our portfolio, and I am pleased to announce the successful repatriation of 100% of our loans and dividends.”
The company aims to enhance its cement production by introducing a second production line at the Mugher plant and establishing a new 3.0 million-ton-per-year grinding unit near Addis Ababa. In addition to cement, Dangote Group plans to invest in Ethiopia’s burgeoning sugar industry and explore the potential of a Urea production facility following the development of the country’s natural gas reserves.
Dr. Brook Taye, CEO of Ethiopian Investment Holdings, welcomed this expansion, reinforcing Ethiopia’s focus on industrial growth and job creation. During the discussions, Dangote expressed his commitment to the vision of African-led economic advancement, stating, “Africa will be developed by Africans.” These investments not only enhance Dangote’s dominance as Africa’s leading cement producer but also play a critical role in transforming Ethiopia into an industrial focal point.
In conclusion, Dangote Group’s substantial investments in Ethiopia signify a strong endorsement of the nation’s economic prospects. The expansion plan includes a new cement production line and investments in sugar production, demonstrating a strategic commitment to industrial development. As Ethiopia continues to attract significant investment, it reinforces its position as a key player in Africa’s economic landscape.
Original Source: www.2merkato.com
