Nigeria's Dangote signs Chinese bank loan for two cement plants

by Reuters 22 views0

Dangote urges Nigeria to match ballooning population with infrastructure

Dangote Group, the company owned by Africa’s richest man Aliko Dangote, signed a deal on Tuesday for a $2 billion loan from the Industrial Commercial Bank of China Ltd for two cement plants, he told Reuters.

“The interest rate is okay, quite favorable with me,” Dangote said, without elaborating. “It’s for my two cement companies that we are establishing in Nigeria.”

The deal included China Export & Credit Insurance Corporation (Sinosure).