The Dangote Group has promised
to invest $400 million (about N64 billion) in cement production in Kenya
in the next two years.
This was disclosed yesterday by the
Chairman of the Group, Aliko Dangote, during a Nigeria-Kenya Business Forum
held in Nairobi.
The forum, which was jointly
presided over by President Goodluck Jonathan and his counterpart from Kenya,
President Uhuru Kenyatta, was attended by more than 500 investors from Nigeria
and Kenya.
It was part of the activities lined
up for the second day of official visit of President Jonathan to Kenya.
Dangote, who served as the chairman
of the dialogue group, said that the forum underscored the need for Africa to
look inward in 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 model in Africa.
Dangote thanked Presidents Jonathan
and Kenyatta for creating the window of opportunity for the business community
to interact on way to improve trade between both countries.
According to him, Kenya would assist
Nigeria in boosting sectors where it has comparative advantages 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.
President Kenyatta announced at the
forum that there will be five to ten years visa duration for Nigerian business
men coming to Kenya.
Stressing that the policy would ease
the challenges of visa procurement and encourage investors from Nigeria to
Kenya, he said that he was taking cue from President Jonathan who had already
approved the policy in Nigeria.
It was also disclosed that a leading
Indian textile manufacturing company, Bei Textile Ltd, intends to invest in
textile and garment in Nigeria.
A Memorandum of Understanding was
signed at the forum to strengthen the already existing 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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Wish u long life Dangote n prosperity as drive poverty away from Africa
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The cement and concrete business is profitable. Last year I bought some concrete from Bancrete and also observed that how profitable selling concrete products is! The only problem in the huge investment. If you have money for investment, then there is no problem.
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