World Markets

Dangote enters Togo with fertiliser and cement deals

Nigerian industrial conglomerate Dangote Group has signed deals to make phosphate into fertiliser and build a cement factory in Togo, the small West African country said on Friday.

LOME, Nov 8 (Reuters) - Nigerian industrial conglomerate Dangote Group has signed deals to make phosphate into fertiliser 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 fertiliser 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 neighbouring countries.

The deal marks Dangote's first push into Togo, setting billionaire Aliko Dangote's firm up for competition against Germany's HeidelbergCement HEIG.DE, which operates three companies there, and Fortia Cement.

(Reporting by John Zodzi, Writing by Helen Reid, Editing by)

((Helen.Reid@thomsonreuters.com; +27661565214;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More