Dangote to invest N64bn in cement production in Kenya

The Dangote Groupis to invest $400 million (about N64 billion) in
cement production in Kenya within the next two years.
The Chairman of the Group and business mogul, Aliko Dangote, made this
known on Friday, at a Nigeria-Kenya Business Forum held in Nairobi.
The Forum was jointly presided over by President Goodluck Jonathan and
his Kenyan counterpart, President Uhuru Kenyatta.
The business forum attended by more than 500 investors from Nigeria
and Kenya was parts of the activities lined up for the second day of
official visit of President Jonathan to Kenya.
President Kenyatta, also at the Forum, announced five to 10 years visa
duration for Nigerian business men coming to Kenya. He said the policy
would ease the challenges of visa procurement and encourage investors
from Nigeria to Kenya.
Mr. Kenyatta said he was taking cue from President Jonathan who had
already approved the policy in Nigeria.
Also disclosed at the forum was the intention of a leading Indian
textile manufacturing company, Bei Textile Ltd. to invest in textile
and garment industry in Nigeria.
A Memorandum of Understanding was also signed at the Forum to
strengthen the already existing Nigeria-Kenya Chamber of Commerce and
Industry.
In his remark, Mr. Dangote, who served as the chairman, dialogue
group, said the forum underscored the need for Africans to look inward
for 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 a model in Africa.
Mr. Dangote thanked Presidents Jonathan and Kenyatta for creating the
window of opportunity for the business community to interact on ways
to improve trade between both countries.
He said Kenya would assist Nigeria in boosting a sector where it has
comparative advantages such as tourism and hospitality, horticulture,
dairy, sugar and ICT.
On the other hand Nigeria would assist Kenya in the oil and gas
sector, Movie and Entertainment industry, agriculture and banking
sectors.
Presidents Jonathan and Kenyatta assured the forum of the political
will of their respective administration to support the initiative to a
beneficial end.
(NAN)