Dangote to invest N64bn in cement production in Kenya

Aliko Dangote stated this at a Nigeria-Kenya Business Forum held in Nairobi.

The Dangote Group is to invest $400 million (about N64 billion) in cement production in Kenya within the next two years.

The Chairman of the Group and business mogul, Aliko Dangote, made this known on Friday, at a Nigeria-Kenya Business Forum held in Nairobi.

The Forum was jointly presided over by President Goodluck Jonathan and his Kenyan counterpart, President Uhuru Kenyatta.

The business forum attended by more than 500 investors from Nigeria and Kenya was parts of the activities lined up for the second day of official visit of President Jonathan to Kenya.

President Kenyatta, also at the Forum, announced five to 10 years visa duration for Nigerian business men coming to Kenya. He said the policy would ease the challenges of visa procurement and encourage investors from Nigeria to Kenya.

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Mr. Kenyatta said he was taking cue from President Jonathan who had already approved the policy in Nigeria.

Also disclosed at the forum was the intention of a leading Indian textile manufacturing company, Bei Textile Ltd. to invest in textile and garment industry in Nigeria.

A Memorandum of Understanding was also signed at the Forum to strengthen the already existing Nigeria-Kenya Chamber of Commerce and Industry.

In his remark, Mr. Dangote, who served as the chairman, dialogue group, said the forum underscored the need for Africans to look inward for partnership in trade and investments.

He said the forum decried the situation where intra trade in the continent is below 12 per cent and decided to use the Nigeria-Kenya initiative as a model in Africa.

Mr. Dangote thanked Presidents Jonathan and Kenyatta for creating the window of opportunity for the business community to interact on ways to improve trade between both countries.

He said Kenya would assist Nigeria in boosting a sector where it has comparative advantages such as tourism and hospitality, horticulture, dairy, sugar and ICT.

On the other hand Nigeria would assist Kenya in the oil and gas sector, Movie and Entertainment industry, agriculture and banking sectors.

Presidents Jonathan and Kenyatta assured the forum of the political will of their respective administration to support the initiative to a beneficial end.

(NAN)

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