Aliko Dangote, Africa’s richest man, is investing R6.2 billion to expand the Mugher cement plant in Ethiopia. The plant, which started operating in 2015, has faced challenges due to violence in the region. Despite this, Dangote has successfully repaid loans and made a profit.
The expansion plan aims to double the plant’s annual capacity to 5 million tons. Dangote expects the project to be completed within 30 months. Additionally, he plans to establish a new cement grinding unit with a capacity of 3 million tons per annum.
Dangote Industries will also invest in the Omo Kuraz sugar factory in collaboration with Ethiopian Investment Holdings. This move is expected to boost Ethiopia’s economy significantly.
Dangote’s investment is a significant boost to Ethiopia’s economy, which has been facing challenges in recent years. The expansion project is expected to create new jobs and stimulate economic growth in the region.