Dangote Cement Plc has invested 500 million USD in a new three million ton plant for Tanzania’s cement industry and the deal signals a new business relationship between Nigeria and Tanzania.
Owner of Dangote Group; Aliko Dangote expressed enthusiasm on Africa shaping its own destiny and his company’s new investment that will strengthen relations between Nigeria and Tanzania as well as commended the Tanzanian government and people of Tanzania for recent banking, legislative and public sector reforms which have boosted private sector investment.
“We are excited for two major reasons. The first being that today’s event is a significant milestone for us in our quest to build a Pan Africa cement company. We are excited that an African company is making this investment in a sister African country. This indeed, shows that Africa is gradually taking its destiny in its own hands rather than wait for investors from outside Africa” he said.
As the Tanzanian Prime Minister Pinda explained despite the abundant limestone resource in Tanzania, the East African Nation experienced a deficit in cement production and supply, the investment is expected to lift Tanzania’s emerging economy and Africa at large through its cement production.
He said “We could not bring in Cement Plants with capacities to produce cement…this was becoming a growing concern to the Government, we came to know about the availability of Cement Grade Limestone in huge quantities in this village in Mtwara. But this was a challenge for us, as Mtwara is quite far from the market of cement, which is mainly in the cities.”
Dangote Tanzania statement noted the construction was taking place in Mtwara, Tanzania due to good Limestone and Gypsum deposits, sound investment principles in the sector and the ideal opportunity Tanzania offered for Dangote Cement to consolidate its operations in Eastern Africa.
