Dangote secures $2bn Chinese loan for two cement plants

Africa’s richest man, Dangote, said Tuesday that he has secured a $2bn loan to fund two on-going cement plant projects in Nigeria.

Aliko Dangote, told Reuters that he signed the deal with Industrial Commercial Bank of China Ltd for two cement plants.

It is speculated that the two cement plants refer to the six million metric tonnes per annum Greenfield cement plant in Okpella, Edo State and a six million mtpa capacity plant in Itori, Ogun State.

“The interest rate is okay, quite favorable with me,” Dangote said, without elaborating. “It’s for my two cement companies that we are establishing in Nigeria.”

 

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