Dangote enters Togo with fertilizer and cement deals
Nigerian industrial conglomerate Dangote Group has signed deals to make phosphate into fertilizer and build a cement factory in Togo, the small West African country said on Friday.
Togo’s vast phosphate resources are mostly exported in their raw form, and Dangote’s project would process some of that phosphate to make fertilizer in-country, aiming to export it to the region.
The cost of the project is around $2 billion, a statement from Togo’s government said, without specifying how much of that would come from Dangote.
Dangote also signed a deal to build a cement factory at a cost of around $60 million. Construction of the factory is set to start in the first quarter of 2020 and it will begin producing by the end of next year, the statement said.
The cement would serve the Togolese market as well as export to neighboring countries.
The deal marks Dangote’s first push into Togo, setting billionaire Aliko Dangote’s firm up for competition against Germany’s Heidelberg Cement (HEIG.DE), which operates three companies there, and Fortia Cement.
Culled fro Reuters