Local media in Nigeria is reporting that a new cement company has received financing from a Chinese bank. International Cement Company Ltd has secured US$500 million in credit from the EXIM Bank to finance a cement production plant in Ogun State.
The plant would reportedly begin production by October 2016 and will employ 3000 people. The development has been welcomed by local communities which recognise the benefits such employment opportunities would bring, but also warn that the company must abide by regulations.
Meanwhile, it is also being reported that a demonstration took place last week on the premises of the Standards Organisation of Nigeria (SON), which is accused of trying to create a monopoly in the cement industry by bringing in new standards and giving companies a limited time in which to meet them.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/16102014/new-cement-producer-for-nigeria-681/