Africa’s richest man, Alhaji Aliko Dangote, is planning to expand his cement empire to Asia and it will be operational in 30 months.
Since Dangote Cement Plc has received 90 per cent of the regulatory approvals needed to start construction, it should complete a factory in Nepal by the end of 2017.
Clad in white traditional robes, the 58-year-old Nigerian billionaire, on Thursday revealed that “It’s going to be one of the first factories for us to build outside our comfort zone, outside Africa.”
Dangote, who has never visited Nepal, will invest $400 million in the country to build a cement plant with a capacity of as much as two million metric tonnes.
“It will be a major boost for them, especially with what happened.” “They don’t produce cement at the moment, they import mainly from India,” he said.
Similarly, fund manager at Bellevue Asset Management AG, Andy Gboka, who manages more than $5 billion and holds Dangote Cement shares, disclosed that there is room for Dangote to move into Nepal.
“There is not enough production capacity, and unfortunately, you saw what happened with the earthquake and the infrastructure that was damaged.”
“Even though this is coming from a negative event, there is a strong growth story in the Nepal region,” Gboka said by phone from Zurich.