(Ecofin Agency) – Aliko Dangote (photo), has announced that he will set up a truck assembly plant in Lagos, the Nigerian capital. The project, which will be developed in partnership with Chinese company Sinotruck, is estimated at $ 100 million and will eventually generate around 3,000 jobs, reports the Daily Trust news site.
The Dangote group intends to assemble, at this new factory, trucks that will transport its products to Nigeria as well as to other African countries. Under the project partnership agreement that was initially signed in May 2014, the plant will produce 10,000 trucks per year. The contract also states that the Dangote group will own 60% of the infrastructure, while the remaining shares will go to the Chinese group.
Speaking on the project, Anthony Chiejina, Dangote Group communications director, said once operational, the project would allow Dangote Group to significantly reduce its imports of heavy trucks. The official added that the plant could be expanded in the coming years to meet demand from neighboring countries.
It should be noted that this project will precede a more ambitious one, at a cost of $ 17 billion, which involves the installation of a refinery (which will produce 650,000 barrels of oil per day), petrochemical plants and fertilizer in Lagos. The project, which will be operational by 2019, will create more than 300,000 direct and indirect jobs.