Dangote set to invest $400m in Kenya for cement production

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Chairman, Dangote Group, Alhaji Aliko Dangote, has disclosed that all is set for the take-off of his group’s $400m investment (equivalent to about N64bn) in cement production in Kenya within the next two years.

Dangote said during Nigeria-Kenya Business Forum which was jointly led by President Goodluck Jonathan and President Uhuru Kenyatta, in Nairobi, Kenya and confirmed that necessary arrangements have been concluded for the investment.

The business forum held on the second day of President Jonathan’s official visit to the East African country.

Dangote, who served as the Chairman Dialogue Group, at the business forum, where over 500 investors from Nigeria and Kenya were in attendance, said the forum underscored the need for Africa “to look inward in terms of partnership in trade and investments”.

He said the forum decried the situation where intra trade in the continent was below 12 per cent.

It was revealed that the forum had decided to use the Nigeria-Kenya initiative as model in Africa.

President Kenyatta, announced at the Forum that the allowance for five to 10 years visa duration for Nigerian businessmen who intending to invest in the Kenyan economy.

He said the policy would ease the challenges of visa procurement and encourage investors from Nigeria to Kenya.

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

Also at the forum, a leading Indian textile manufacturing company, Bei Textile Limited, expressed its intention to invest in the textile industry in Nigeria.

The forum witnessed the signing of a Memorandum of Understanding to strengthen the already existing Nigeria-Kenya Chamber for Commerce and Industry.

He said Kenya would assist Nigeria in boosting sectors where it had comparative advantages such as tourism and hospitality, horticulture, dairy, sugar and ICT., Nigeria,  on her part would help to assist Kenya in the critical sectors of oil and gas; agriculture; movie and entertainment industry and banking sectors.

However, Dangote applauded the two Presidents for their efforts attuned to creation of an opportunity for “the business community to interact on ways to improve trade between both countries”.

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