Wednesday, November 29, 2023

Mangal, Sinoma Sign $600M Cement, Power Deals

The chairman, Mangal Industries, Alhaji Dahiru Mangal.
The chairman, Mangal Industries, Alhaji Dahiru Mangal.

Mangal Industries has signed an agreement with a Chinese firm, Sinoma, for the construction of a 3million metric tonne-per year cement plant and 50 megawatts Captive Power Plant in Moba, Kogi, to be completed early in 2024.

The project, which would cost approximately $600 million is an ambitious investment programme implemented by Mangal Industries Limited.

A statement signed by Mangal’s chief executive, Engr. Fahad Mangal, said the factory will rely on the best available technology for cement production and in line with the highest environmental standards to be one of the most sustainable in the sector.

“Mangal is investing strategically in the West African cement industry to enable the Nigerian economy to bridge the huge infrastructure and housing deficit in the region’s largest economy.

“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,” it added.

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