Dangote to invest N64 billion in Kenya Cement industry

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The Chairman, Dangote group, Aliko Dangote has promised to invest $400 million (about N64 billion) in cement production in Kenya.

Dangote, who disclosed this during a Nigeria-Kenya Business Forum held in Nairobi, and jointly presided over by President Goodluck Jonathan and his counterpart from Kenya, President Uhuru Kenyatta, thanked both presidents for creating the opportunity for the business community to improve trade between both countries

The activities were part of a three-day day official visit of President Jonathan to Kenya.

Dangote, who served as the chairman of the dialogue group, 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.

Dangote said Kenya would assist Nigeria in boosting Nigerian sectors such as tourism and hospitality, horticulture, dairy, sugar and ICT while Nigeria would assist Kenya in the oil and gas sector, movie and entertainment industry, agriculture and banking sectors.

A Memorandum of Understanding was sealed at the forum to strengthen the Nigeria-Kenya Chamber for Commerce and Industry.

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

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