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| Aliko
Dangote's Chinese Deal |
A Chinese state-owned
engineering company has signed a deal worth US$4.3bn (£2.8bn) to build
factories for a Nigerian cement company run by Africa's richest man, Aliko
Dangote. China's
Sinoma will build seven plants across the continent and one in Nepal. The
new factories will add around 25 million tonnes to the firm's existing cement
capacity of 45 million tonnes.
Mr
Dangote's company also produces food, fertiliser and is investing in oil
refineries.
He
is keeping a close eye on China's economic problems and the ensuing lower oil
price.
"Of
course we are affected," he said, "but we are not badly affected
because we are not 100% in oil.
"We
are a fully diversified company. So today if oil is doing [badly] it doesn't
mean we are doing [badly] and that's the good thing about
diversification."
Africa's economies have
been hit hard by the fall in commodity prices but many are seeing a boom in
infrastructure, for which cement is vital.
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