Friday, April 28, 2017

Lesson from Nigeria: Dangote to Create 3,000 jobs with Truck Assembly Plant


Aliko Dangote, Nigerian entrepreneur, aims to create 3,000 jobs with the establishment of a truck assembly plant in Ikeja, Lagos. According to The Nation, the plant is the result of a partnership between the Dangote group and Sinotruck, a Chinese heavy-duty truck company. The Nation quotes a statement by the firm stating that “the decision to go into the truck assembly plant project was informed by the need to conserve forex in view of the current economic recession. The deal, worth $100 million, expected to have an assembly plant that will produce 10,000 trucks per year, was signed in May 2014, in China. According to the deal agreement, the plant is 60 per cent owned by Dangote Group, trading under Dangote Industries Limited, leaving Sinotruck with the remaining 40 per cent equity stake,”.
Anthony Chiejina, chief corporate communication officer of Dangote Group, is also quoted to have confirmed that the project had taken off and that when fully operational, the nation would be spared the forex expense of importing the heavy-duty vehicles. He explained there would be room for the expansion of the project in years to come, saying: “As it meets the national truck demand, it will explore exportation to neighbouring countries to generate foreign exchange for the nation.”
Consequently, Dangote Agro Sacks Limited, which occupied the Oba-AkranOgba premises of the former Nigerian Textile Mills, until recently, has been relocated closer to the group’s major operational hubs, particularly the cement plants in Obajana, Kogi State and Ibeshe, Ogun State.

When News Breaks Out, We Break In. (The 2014 Bloggies Finalist)

No comments: