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Dangote signs US$115 million agreement to construct cement plant in Cameroon

World Cement,

At a ceremony in the east African country, the President of Dangote Group Alhaji Aliko Dangote and the Prime Minister/Head of Government of Cameroon Philémon Yang, signed the US$115 million agreement, which the company described as the first tranche of a $700 million long-term investment projection in Cameroon’s various real sector arms.

Other Cameroon government officials who signed parts of the agreement include the Minister of Commerce Mr Mbarga Atangana, Minister of State for Transport Bello Bouba Maigari, Governor of Douala Mr Francis Fai Yengo and the Director-General, Cameroon Ports Authority, Mr Dayas Monoume Jean Marcel.

Yang praised the Nigerian investment drive and said it would go a long way to improve economic and political cooperation between the two countries.

"I extend my congratulations to Dangote Group and its President Alhaji Aliko Dangote for this massive investment initiative in Cameroon. It will certainly change the industrial landscape of Cameroon," he said.

Dangote was commended by the prime minister for the company’s belief in the Cameroonian economy and its track record. The prime minister also described Dangote as an inspiration to other African investors.

According to him, "we salute the determination of Dangote who believed so much in this project, who has done so much for the African community and has stopped at nothing to make it happen."

While stating the country’s commitment to its responsibilities and obligations in the agreement, he said the achievement represented an endorsement of the industrial policy thrust of president Paul Biya of Cameroon.

"This is, indeed, a welcome development and in line with the renewed government policy of encouraging private sector growth and employment generation" he said.

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