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Dangote Cement to Begin Operations in Liberia, Makes Initial $35 Million Investment

By on March 20, 2012

Dangote Cement is to begin operating a subsidiary in Liberia within the next six weeks. The subsidiary named Dangote Cement Liberia will receive a capital injection of $35 million from the parent company in Nigeria.

These details were disclosed at the signing of a Memorandum of understanding (MoU) between the Liberian government and Alhaji Aliko Dangote.

The agreement permits Dangote to build a cement factory at the Freeport of Monrovia.

A representative of the Liberian government, Mrs. Matilda Parker, the Head of the National Port Authority of Liberia signed the MoU on behalf of Liberia.

She said, “I gratefully expressed my gratitude to you, Mr. Dangote, and your company for extending operations to Liberia.  It will speed up reconstruction, create more jobs and expand the economy.”

Aliko Dangote commenting on the investment said it will create jobs for 250 Liberians immediately. He also stated that the investment could be increased over time as Dangote Group has access to $ 15 billion in Investment capital.