Adedayo Akinwale in Abuja
Mangal Industries has signed an agreement with a Chinese Firm, Sinoma, for the construction of $600 million Cement Plant and 50 Megawatts Power Plant in Moba, Kogi state.
The Chief Executive Officer, Mr. Fahad Mangal made this known in a statement issued Thursday, a copy of which was made available to THISDAY.
He said both the power plant and the cement factory would be completed in 2024, while the Chinese company will move into site immediately to commence construction.
Mangal said: “Mangal Industries has signed an agreement with a Chinese Firm, Sinoma for the construction of 3 million metric tons per year Cement Plant and 50 Megawatts Captive Power Plant in Moba, Kogi state, to be completed in early 2024.
“The total project cost is approximately $600 million.”
Mangal noted that the investment was part of the ambitious investment program under the implementation by Mangal Industries Limited.
He stressed that Mangal Industries was investing strategically in the West African Cement Industry to enable the Nigerian economy bridge the huge infrastructure and housing deficit.
According to him, “This investment reinforces Mangal’s commitment to Nigeria’s infrastructural and economic development and reflects its confidence in the favourable outlook of the economy in the country and the region.”
Mangal noted that the factory would rely on best available technology for cement production and in line with highest environmental standards.
He said the cement factory was designed to be one of the most sustainable in the sector.
