Company signs deal with Chinese company to build $ 600 million cement plant and power plant

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Adedayo Akinwale in Abuja

Mangal Industries has signed an agreement with a Chinese company, Sinoma, to build a $ 600 million cement plant and a 50 megawatt power plant in Moba, Kogi state.

The managing director, Mr. Fahad Mangal made it known in a statement released Thursday, a copy of which was made available to THISDAY.

He said the power plant and cement plant will be completed in 2024, while the Chinese company will immediately move to the site to begin construction.

Mangal said: “Mangal Industries has signed an agreement with a Chinese company, Sinoma, for the construction of a 3 million ton per year cement plant and a 50 megawatt captive power plant in Moba, in the state of Kogi, which is due to be completed in early 2024.

“The total cost of the project is around $ 600 million.

Mangal noted that the investment was part of the ambitious investment program implemented by Mangal Industries Limited.

He pointed out that Mangal Industries was strategically investing in the cement industry in West Africa to enable the Nigerian economy to fill the huge infrastructure and housing gap.

According to him, “This investment reinforces Mangal’s commitment to the infrastructural and economic development of Nigeria and reflects his confidence in the favorable outlook for the economy of the country and the region.

Mangal noted that the plant would use the best technology available for the production of cement and in accordance with the highest environmental standards.

He said the cement plant was designed to be one of the most sustainable in the industry.


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