Dangote Group, Camerounian Govt. sign $115mln contract for cement plant in Douala
The Republic of Cameroun and Dangote Group have signed a 115 million dollars (about N17 billion) investment agreement for the construction of a composite cement plant in Douala, Cameroun.
A statement issued by Dangote Group in Lagos on Monday said that the plant would produce 1.5 million metric tonnes of cement annually when completed. It said that the agreement was signed by President of Dangote Group, Alhaji Aliko Dangote, and the Prime Minister of Cameroun, Philémon Yang. The statement said that the 115 million dollars agreement was the first tranche of a 700 million dollars (about N75 billion) long- term investment in Cameroun.
Yang was represented by the Minister of Mines, Industry and Technological Development, Mr Badel Ndanga Ndinga.
Other Camerounian government officials who witnessed the occasion included the Minister of Commerce, Mr Mbarga Atangana and the Minister of States for Transport, Bello Bouba Maigari.
Others are the Governor of Douala, Mr Francis Fai Yengo, and Director General of the Cameroun Ports Authority, Mr Dayas Monoume Jean Marcel. Yang praised Dangote's investment drive in the sister nation, adding that the investment would go a long way in improving the economic and political cooperation between the two countries.
“I extend my congratulations to Dangote Group and its president, Alhaji Aliko Dangote, for this massive investment initiative in cameroun. “It will certainly change the industrial landscape of Cameroun,” he said. The prime minister hailed the Dangote Group for its belief in the Camerounian economy.
“We salute the determination of Dangote who believed so much in this project and has stopped at nothing to make it happen,” he said.
Yang said the achievement represented an endorsement of the industrial policy thrust of President Paul Biya of Cameroun.
He expressed government's optimism that the project would be completed within the scheduled time frame of 18 months.
“We are familiar with your slogan, which is nothing is impossible and we are happy to state that it is not very far from our own slogan in Cameroun, which is nothing is impossible for Camerounians”
Dangote said the project would be financed 100 per cent with funds raised outside Cameroun, adding that the project would not put any pressure on the nation's financial system.
Dangote said that the fact that the signing ceremony would be followed by the laying of the foundation stone was an evidence of his company's commitment to the investment.
“From our projections, this 115 million dollars project with an installed capacity of 1.5 million metric tonnes per annum, will take between 14 and 18 months to complete.
“We project that we will import one million tonnes of clinker per year. “We hope to use up to 30 per cent of local raw materials in line with our business philosophy of adding value to the economy everywhere we operate. “We want to assure you all of successful delivery of this project, which is only one of our many other successful projects in 14 other African countries, where we have a presence.
“Our choice of Cameroun for this multi-million dollar investment is quite strategic as Cameroun is the largest economy in Central Africa. “In addition, Cameroun has vast mineral resources, a liberal economy and political stability that foster economic development, which is vital for growth,” he stressed.