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Dangote to set up $2bn cement, fertilizer factory in Togo

Dangote to set up $2bn cement, fertilizer factory in Togo
November 08
20:00 2019
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Dangote Industries has signed an agreement with the Togolese government to set up a cement and fertilizer factory in the country.

Phosphate reserves in Togo will be made into phosphate fertilizers making Dangote Group the largest ammonia producer in Africa.

Under the agreement, Togo will provide access to phosphate resources and the Dangote Group will provide access to ammonia and to the Nigerian market.

The fertilizer project is estimated to cost $2 billion and mining development work will start before the end of 2019.

The cement factory, with an annual capacity of 1.5 million tonnes, will use clinker from Togo and Nigeria and will meet both local and neighbouring countries’ demand.

The construction of the cement plant in Lome is scheduled to start in the first quarter of 2020 and its commissioning scheduled to take place before the end of 2020. The investment is estimated at $60 million and is expected to create 500 direct jobs.

Commenting on the agreement, Faure Gnassingbé, the Togolese president, said: “The structural transformation of our economy is the main objective we have set ourselves in the context of the 2018-2022 NDP.

“By processing our phosphate we will not only create jobs but we will also be able to provide our farmers with good quality fertilizers at an affordable cost.

“Having an industrial investor like Alhaji Dangoté shows that our efforts to improve the business climate are paying off. We intend to continue in this dynamic for the well-being of Togolese men and women.”

Aliko Dangote, chairman of the Dangote Group, said, “This partnership is in line with our transformation agenda in creating prosperity and enhancing economic development not only in Togo but also in Africa.

“In addition, the Dangote Group is determined in supporting the Government of Togo in its industrialisation strategy aimed at creating jobs for its citizens and making Togo an attractive investment destination.”

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Exchange Rates

November 06, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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